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Old Aug 7, 12, 1:19 pm   #1
 
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ATM Fees for US Banks in England.

Traveling from NY-London this weekend. I bank with both Chase and SunTrust. Does either bank have affiliates in London which will not charge ATM withdrawal fees?
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Old Aug 7, 12, 1:42 pm   #2
 
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In the UK bank operated ATMs don't charge a fee to withdraw to anyone. Other non-bank machines generally do but will warn you before you accept withdrawing the cash. Of course, your US bank will charge any exchange fees, but that will be the same whichever UK ATM you use.

Short answer any bank operated machine will be as cheap to use as any other.

Hope this helps!
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Old Aug 7, 12, 1:56 pm   #3
 
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Can not answer your specific question but I long ago gave up on finding a local bank that does not charge a fee. As said, most will warn you that they are going to charge you but remember your bank will still charge a fee plus the foreign transaction fee of 1%. So just withdrawal the maximum amount possible to defer the fees.
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Old Aug 7, 12, 3:05 pm   #4
 
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Check on your banks' website. They will tell you if they have an agreement with any banks in the UK. I know BoA has an agreement with Barclays so no fees for using the ATM.

If your bank does not have a "partner" in the UK then you will pay whatever usage fee and exchange rate your bank charges.
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Old Aug 7, 12, 3:28 pm   #5
 
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Doesn't help for this weekend, but some (many?) online/non-profit banks and credit unions not only don't charge for using any ATM worldwide, but will even refund surcharges that those ATM owners charge (for example, my bank refunds up to $15 per month of surcharges, and allows 10 free withdrawals worldwide a month before charging themselves). This, along with iPhone/Android check deposit, goes a *long* way toward mitigating any inconvenience not having a local branch would otherwise have.

Generally, I've found that bank ATMs in Europe, Israel, and India to pick a few places don't add their own surcharges, but some of the "convenience store" standalone machines do disclose and charge. But again, I often don't care as long as we don't go over the limits above.
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Old Aug 7, 12, 4:16 pm   #6
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For more discussion, please follow the thread as it moves to the Destinations->U.K. forum. Ocn Vw 1K, Moderator, TravelBuzz.
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Old Aug 7, 12, 10:58 pm   #7
 
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Under the rules of the two major shared teller networks, cirrtus and plus, banks are not allowed to charge fees on foreign atm/debit/credit caqrds used in their machines. Some privately owned machines do charge fees but if you stick to a bank atm, you won't be charged a fee by that bank.

However, your bank is allowed to charge whatever fees it wishs. It is an individual matter with banks. Some banks have a blanket policy of allowing unlimited withdrawals with no fees. Mostly these are, as noted, intenet type banks or credit unions. Others have agreements with certain banks. For example Bank of America has a list of banks it says it will not charge ATM withdrawal fees (Barclays in the UK) and then charges a flat $5 for withdrawals from other bank ATM's.

You have to check with your bank for their individual policies on this matter.
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Old Aug 8, 12, 12:23 am   #8
 
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As above, I believe that no UK bank will charge you for using one of its ATMs. There are some ATMs not operated by banks that will charge a fee, but they must warn you before dispensing any money. But that won't be an issue if you stick with the "high-street" banks.

Your own bank will, of course, charge a commission for withdrawing foreign currency, and it may also charge a fee for using an ATM that is not one of its own.

It is likely, therefore, that all bank ATMs will incur the same cost to you unless you do find one that has some sort of arrangement with your US bank - I guess the easiest way to find that out will be to ask the bank.
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Old Aug 8, 12, 4:46 am   #9
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Plenty (well, enough) Citi branches in London, and Citi doesn't charge you anywhere in the world that you use its machines I think.
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Old Aug 8, 12, 5:17 am   #10
 
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ATM Fees for US Banks in England.

Thanks for all the feedback. I was trying to figure out whether it's cheaper to exchange currency before leaving or just using ATMs once I arrive in UK. Does anyone have experience w changing currency at their home banks? Is that the cheapest place to do so before leaving?
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Old Aug 8, 12, 6:21 am   #11
 
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Quote:
Originally Posted by JTbeatsNYC View Post
Thanks for all the feedback. I was trying to figure out whether it's cheaper to exchange currency before leaving or just using ATMs once I arrive in UK. Does anyone have experience w changing currency at their home banks? Is that the cheapest place to do so before leaving?
It is probably too late but here is the best way to handle this....

Find a bank on the internet that has no minimum b alance reqirements, issues a free debit card and does not charge fees for ATM withdrawals. Even better are banks that rebate fees charged by banks for using their ATM's.

One example is Charles Schwab Bank has all the above features.

Keep $1.01 in the account (you may have to pay more to open the account but it can easily be drawn down to $1.01)....

Just before leaving use the bill paying capability of your main account, says the one at Chase, to transfer enough money to cover what you think you might need. When you arrive, use that ATM or debit card to withdraw your estimated cash amounts. (Personally, because of the possibility of fraud and theft of atm cdard numbers, I personally think one should not use their main checking account for cash withdrawals form ATM's, especially abroad. If the account is compromised, while you will get your money back, during the time it takes to get your money bacvk, some of your outstanding checks might turn to rubber, you will probably have to end up with a new checking account number and go through the hassle of notifying all those merchants who automatically dbit your account such as utility companies and mobile phones etc.). If you underestimate and need more cash, simply find an internet cafe if you're using wifi and transfer more money. When you return, write a check into your main account leaving $1.01 in the account!

Also, of course, I try not to have to use cash especially when travelling although I almost never use cash at home. There are places, like London, where you can use credit cards for everything and not have to worry about cash. I spent a week in London at the end of June, made a 20 quid withdrawal upon arrival from an ATM and came home with 9.75 (and the only reason I spent any cash at all is my insistance every morning at stoppng off at an internet cafe to do my internt work i.e. reading the newspapers, doing my banking and due diligence, checking e-mail......of course many places, I get it, are not as conducive to the use of credit cads for everything as is the UK and especially London but still by using credit cards everywhereyou can (of course one with no annual fee and no foreign currency fee) your need for cash will be cut down greatly!
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Old Aug 8, 12, 7:03 am   #12
 
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Quote:
Originally Posted by Christopher View Post
As above, I believe that no UK bank will charge you for using one of its ATMs. There are some ATMs not operated by banks that will charge a fee, but they must warn you before dispensing any money. But that won't be an issue if you stick with the "high-street" banks.
It may be useful to note that Tesco and Sainsbury's-branded ATMs count as 'operated by banks' - they're just rebadged RBS machines.

Quote:
Originally Posted by Raffles View Post
Plenty (well, enough) Citi branches in London, and Citi doesn't charge you anywhere in the world that you use its machines I think.
There are four, two of which are in Canary Wharf!
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Old Aug 8, 12, 7:46 am   #13
 
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Quote:
Originally Posted by JTbeatsNYC View Post
Thanks for all the feedback. I was trying to figure out whether it's cheaper to exchange currency before leaving or just using ATMs once I arrive in UK. Does anyone have experience w changing currency at their home banks? Is that the cheapest place to do so before leaving?
It is usually cheaper to pull money from a bank ATM when you arrive. If you have a fee then make sure and pull the max daily allowance. Buying money in the US is almost always more expensive.

If you don't want to buy money in advance or use the ATM then take US dollars and exchange cash for cash. This would be cheaper than buying in advance in the US.

There are bank ATM's and currency exchanges in all the airports if you want money when you arrive.
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Old Aug 8, 12, 8:41 am   #14
 
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thanks all. if i decide to exchange dollars for pounds in the UK, what is the cheapest method? will banks offer the fairest exchange / lowest fees?
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Old Aug 8, 12, 8:42 am   #15
 
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by banks in last post, I mean banks in the UK
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