Originally Posted by ajnaro
As far as the 'foreign fee' is concerned, it may not make any difference if a Citi-owed ATM is used. I have an interest checking account at Citibank in NY and make withdrawals from a Citi-owned ATM in Rio de Janeiro. My statement always contains the notation CASH WITHDRAWAL AT NON-CITIBANK ATM. I get exactly the same notation at other Citibank branches abroad (recently at the KARMELICKA branch in Krakow). Nonetheless, whenever I bother to do the calculation, the rate used by Citibank is better than the oanda.com rate, even including the extra 1%.
My experience also in Chile and Argentina.
TO RECAP, IME: I use my USA Citibank ATM card once or twice a month down here.
(1) There is no per use ATM fee charged by Citibank or the other banks no matter whose ATM machine one uses.
(2) Exchange rate is the same no matter whose ATM machine one uses and is usually a little better than 1% of the real time xe.com quote. This charge is bundled into the withdrawal total that shows up on your statement.
(3) The new "FOREIGN FEE" is a separate line item in your statement that is exactly 1% of the USD total of the withdrawal charge.