B of A is part of a "global ATM alliance" that includes Westpac in Australia. There are no ATM fees, as such, and as a result, I've been using the same Westpac ATM for years, fee free (and at what appeared to be pretty good conversion rates). However, B of A has now (as of November 8, apparently) introduced a 3% "currency conversion fee" - which I only found out about when it turned up on my B of A account last week.
B of A ATM Alliance
As for credit card fees, unfortunately a lot of outlets in Oz add a credit card surcharge - often 1.5% and usually much more (3%) for Amex. A lot of places don't, but unfortunately it's becoming increasingly common.
Are you sure the B of A have actually added an additional 3% currency charge? Or is it just a case of them now disclosing it separately, rather than incorporating it in the conversion?
Originally Posted by
pwknox
Thanks for the info...I was considering paying for the hotel in cash so I wouldn't be charged the 1.5% CC fee...not sure if all hotels enforce this fee but looking ways around it.
As far as I am aware, most hotels charge the fee and the only way to avoid it is to pay with cash, but as others have said, is avoiding the fee worth the risk of carrying so much cash?
Originally Posted by
worldiswide
Interesting. I've had the exact opposite experience at many Asian, Oceania and European airports. What kind of ATM card are you using? What we have found in many airports are automated currency exchange machines that are not true ATM machines and have a much worse conversion rate than an ATM transaction so you need to look at the logos on the machines to know the difference. I'd also be careful about using a credit card for cash usually no grace period and higher interest rates.
My experience has been similar, with the exception of Thailand, where at BKK airport, they had some ATM's that only accepted Visa and some that only accepted Mastercard. This was in 2000 though,so may have changed now. Otherwise, the only other place where I've had the odd issue was the US.