Dec 29, 2013, 6:37 am
Last edit by: seawolf
Google Doc - Debit Cards Available with no Fees
Please refer to the Google doc and update as needed for the most comprehensive list of debit cards and their charges (or lack thereof)
Visa Exchange Rates
MasterCard Exchange Rates
Please refer to the Google doc and update as needed for the most comprehensive list of debit cards and their charges (or lack thereof)
Visa Exchange Rates
MasterCard Exchange Rates
Debit cards without forex fee and other-bank ATM fees?
Apr 2, 2014, 5:46 pm
#151
Join Date: Oct 2005
Location: SF
Programs: UA, VX, QF, EY, VA
Posts: 756
It isn't that people can't keep $2500 in the account but more that they don't want to keep a minimum balance of any amount at 0%. Mine fluctuates dramatically between paychecks and occasionally I even screw up and end up paying transfer fees for overdraft protection when I forget about a major payment (i.e. autodeduction of annual premiums).
Not to mention many of us don't want to use our primary accounts overseas due to risk of theft/robbery. So we set up secondary accounts where losses are limited to the account balance - and fund as needed for occasional trips. Yes, they all have fraud protection, but better to fight with the bank over $2k rather than $20k. '
Not attacking anyone personally just suggesting you not assume (or suggest) that most people can get fee waivers - because they can't. And that's why those accounts are asterisked on the spreadsheets that compile this info.
Not to mention many of us don't want to use our primary accounts overseas due to risk of theft/robbery. So we set up secondary accounts where losses are limited to the account balance - and fund as needed for occasional trips. Yes, they all have fraud protection, but better to fight with the bank over $2k rather than $20k. '
Not attacking anyone personally just suggesting you not assume (or suggest) that most people can get fee waivers - because they can't. And that's why those accounts are asterisked on the spreadsheets that compile this info.
Not only that, but they have customer service that beats all the big banks.
There are always better options than the big 4 banks. HNW or not.
Apr 2, 2014, 8:23 pm
#152
Join Date: May 2010
Posts: 148
FWIW, my local CU (in SF) provides a 0% FTF + reimbursement of all ATM fees with a minimum balance of $0 with no monthly fee. No need to have a high net worth or lose potential interest.
Not only that, but they have customer service that beats all the big banks.
There are always better options than the big 4 banks. HNW or not.
Not only that, but they have customer service that beats all the big banks.
There are always better options than the big 4 banks. HNW or not.
May 8, 2014, 12:25 pm
#153
Join Date: Jan 2013
Location: Hawai'i Nei
Programs: Au: UA, Marriott, Hilton; GE
Posts: 7,145
https://www.fidelity.com/cash-manage...count/overview
May 8, 2014, 1:42 pm
#154
Join Date: Mar 2012
Programs: Hilton, Hyatt, Priority, SPG - AA, Hawaiian Airline, United, US Airline
Posts: 608
Consider the Fidelity Cash Management Account:
https://www.fidelity.com/cash-manage...count/overview
https://www.fidelity.com/cash-manage...count/overview
May 9, 2014, 1:34 pm
#157
Join Date: Oct 2011
Posts: 4,166
Consider the Fidelity Cash Management Account:
https://www.fidelity.com/cash-manage...count/overview
https://www.fidelity.com/cash-manage...count/overview
ETA: Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account.
Nov 9, 2014, 10:38 pm
#158
Join Date: Jan 2013
Location: Hawai'i Nei
Programs: Au: UA, Marriott, Hilton; GE
Posts: 7,145
Debit cards without forex fee and other-bank ATM fees?
Just one ting to consider. In Shanghai and trying to get out moe than $100 worth of Yuan. No go. Called Fidelity line, and they said it was Sunday early AM EST, and system backup. Default at that time is one $100 withdrawal. Needed to wait for a while until system backed up.
Nov 24, 2014, 11:29 pm
#159
Join Date: Oct 2014
Location: Portland, OR, USA
Programs: Delta + United Airmiles
Posts: 703
Schwab Debit card: no 1% VISA currency conversion fee pass through confirmation
Schwab Bank and State Farm Bank have a lot of nice common features:
1. No Foreign Transaction Fees.
2. No account annual or monthly fees.
3. No minimum balance.
4. Unlimited free ATM access world wide (via reimbursements). State Farm has one easily satisfied condition.
State Farm has easier access which includes a local ATM or local insurance agent deposit feature, whereas Schwab requires mailing in a form to link to a local bank account and use ACH (which takes several days each time).
Unlike State Farm (and most CUs to), Schwab ABSORBS the 1% VISA currency conversion fee part of the typical 3% Foreign Transaction Fee that BofA starting charging on their debit cards (but not their no annual fee Travel Rewards card) in November of 2013 and many other banks still charge on both debit and credit cards. I recall there are a few other banks that absorb that 1% VISA fee, but understand that they don't refund ATM fees.
After numerous calls and chats with State Farm and Schwab Bank to confirm my understandings and eventually taking an average on the responses (since they varied as usual) I finally got the Schwab rep to deliver and confirm the specific language, which is NOT in the "terms and conditions" which they call "Visa Debit Card Agreement", but is rather in the "Pricing Guide" which the Fees section of the Card Agreement refers to (which refers back the Card Agreement for "details"!).
Here are the magic words from the Pricing Guide:
"There is no ADDITIONAL percentage added for the foreign currency transaction" (silly wording - since it is added to the nothing that Schwab charges)
The rep repeatedly confirmed that this language included the 1% fee that VISA charges for foreign currency conversion and that Schwab absorbed that fee.
This is consistent with all prior discussions with Schwab reps, but was the first time that any rep could actually cite the supporting language in their agreement.
Hope this helps further confirm, with authoritative source info, that Schwab really doesn't charge FTFs and absorbs the ISA fee VISA charges for foreign currency conversion.
1. No Foreign Transaction Fees.
2. No account annual or monthly fees.
3. No minimum balance.
4. Unlimited free ATM access world wide (via reimbursements). State Farm has one easily satisfied condition.
State Farm has easier access which includes a local ATM or local insurance agent deposit feature, whereas Schwab requires mailing in a form to link to a local bank account and use ACH (which takes several days each time).
Unlike State Farm (and most CUs to), Schwab ABSORBS the 1% VISA currency conversion fee part of the typical 3% Foreign Transaction Fee that BofA starting charging on their debit cards (but not their no annual fee Travel Rewards card) in November of 2013 and many other banks still charge on both debit and credit cards. I recall there are a few other banks that absorb that 1% VISA fee, but understand that they don't refund ATM fees.
After numerous calls and chats with State Farm and Schwab Bank to confirm my understandings and eventually taking an average on the responses (since they varied as usual) I finally got the Schwab rep to deliver and confirm the specific language, which is NOT in the "terms and conditions" which they call "Visa Debit Card Agreement", but is rather in the "Pricing Guide" which the Fees section of the Card Agreement refers to (which refers back the Card Agreement for "details"!).
Here are the magic words from the Pricing Guide:
"There is no ADDITIONAL percentage added for the foreign currency transaction" (silly wording - since it is added to the nothing that Schwab charges)
The rep repeatedly confirmed that this language included the 1% fee that VISA charges for foreign currency conversion and that Schwab absorbed that fee.
This is consistent with all prior discussions with Schwab reps, but was the first time that any rep could actually cite the supporting language in their agreement.
Hope this helps further confirm, with authoritative source info, that Schwab really doesn't charge FTFs and absorbs the ISA fee VISA charges for foreign currency conversion.
Nov 25, 2014, 4:36 am
#160
FlyerTalk Evangelist
Join Date: Dec 2009
Location: HaMerkaz/Exit 145
Programs: UA, LY, BA, AA
Posts: 13,167
Schwab Bank and State Farm Bank have a lot of nice common features:
1. No Foreign Transaction Fees.
2. No account annual or monthly fees.
3. No minimum balance.
4. Unlimited free ATM access world wide (via reimbursements). State Farm has one easily satisfied condition.
State Farm has easier access which includes a local ATM or local insurance agent deposit feature, whereas Schwab requires mailing in a form to link to a local bank account and use ACH (which takes several days each time).
Unlike State Farm (and most CUs to), Schwab ABSORBS the 1% VISA currency conversion fee part of the typical 3% Foreign Transaction Fee that BofA starting charging on their debit cards (but not their no annual fee Travel Rewards card) in November of 2013 and many other banks still charge on both debit and credit cards. I recall there are a few other banks that absorb that 1% VISA fee, but understand that they don't refund ATM fees.
After numerous calls and chats with State Farm and Schwab Bank to confirm my understandings and eventually taking an average on the responses (since they varied as usual) I finally got the Schwab rep to deliver and confirm the specific language, which is NOT in the "terms and conditions" which they call "Visa Debit Card Agreement", but is rather in the "Pricing Guide" which the Fees section of the Card Agreement refers to (which refers back the Card Agreement for "details"!).
Here are the magic words from the Pricing Guide:
"There is no ADDITIONAL percentage added for the foreign currency transaction" (silly wording - since it is added to the nothing that Schwab charges)
The rep repeatedly confirmed that this language included the 1% fee that VISA charges for foreign currency conversion and that Schwab absorbed that fee.
This is consistent with all prior discussions with Schwab reps, but was the first time that any rep could actually cite the supporting language in their agreement.
Hope this helps further confirm, with authoritative source info, that Schwab really doesn't charge FTFs and absorbs the ISA fee VISA charges for foreign currency conversion.
1. No Foreign Transaction Fees.
2. No account annual or monthly fees.
3. No minimum balance.
4. Unlimited free ATM access world wide (via reimbursements). State Farm has one easily satisfied condition.
State Farm has easier access which includes a local ATM or local insurance agent deposit feature, whereas Schwab requires mailing in a form to link to a local bank account and use ACH (which takes several days each time).
Unlike State Farm (and most CUs to), Schwab ABSORBS the 1% VISA currency conversion fee part of the typical 3% Foreign Transaction Fee that BofA starting charging on their debit cards (but not their no annual fee Travel Rewards card) in November of 2013 and many other banks still charge on both debit and credit cards. I recall there are a few other banks that absorb that 1% VISA fee, but understand that they don't refund ATM fees.
After numerous calls and chats with State Farm and Schwab Bank to confirm my understandings and eventually taking an average on the responses (since they varied as usual) I finally got the Schwab rep to deliver and confirm the specific language, which is NOT in the "terms and conditions" which they call "Visa Debit Card Agreement", but is rather in the "Pricing Guide" which the Fees section of the Card Agreement refers to (which refers back the Card Agreement for "details"!).
Here are the magic words from the Pricing Guide:
"There is no ADDITIONAL percentage added for the foreign currency transaction" (silly wording - since it is added to the nothing that Schwab charges)
The rep repeatedly confirmed that this language included the 1% fee that VISA charges for foreign currency conversion and that Schwab absorbed that fee.
This is consistent with all prior discussions with Schwab reps, but was the first time that any rep could actually cite the supporting language in their agreement.
Hope this helps further confirm, with authoritative source info, that Schwab really doesn't charge FTFs and absorbs the ISA fee VISA charges for foreign currency conversion.
Nov 25, 2014, 7:54 am
#161
Join Date: Nov 2014
Posts: 30
I'm new to this forum but like most of you I'm interested in Debit OR Credit Cards that do not charge you fees to use them abroad (either with ATM or with a purchase).
I wanted to ask you what's your opinion about this credit card?
https://penfed.org/Penfed-PromiseCard/
This card seems to deliver what we're looking for, it has no foreign transaction fees, and NO cash advance fee neither ... has anyone tried it?
I wanted to ask you what's your opinion about this credit card?
https://penfed.org/Penfed-PromiseCard/
This card seems to deliver what we're looking for, it has no foreign transaction fees, and NO cash advance fee neither ... has anyone tried it?
Nov 25, 2014, 11:09 am
#162
Join Date: Oct 2014
Location: Portland, OR, USA
Programs: Delta + United Airmiles
Posts: 703
FTF by bank table update request - themicah
There are already is a FlyerGuide document outlining the options:
http://www.flyerguide.com/wiki/index...d_credit_cards
http://www.flyerguide.com/wiki/index...d_credit_cards
Andrews FCU (available to all by joining American Consumer Counsel non-profit - $5 + qualify if you consume pretty much ANYTHING) is missing (and an excellent chip+signature/pin no FTF or other fee card and one of the very few OFFLINE pin capable for use in those offline toll booths in France). Barclaycard is now no FTF and chip (Plus card only!)+online pin. Diners MC is now no FTF (but $95 annual and has limited airport lounge free access and has TRUE chip+pin priority). BofA increased debit card fee to 3% Nov 2013. Schwab "high yield"
savings account available without adding brokerage account. Amex dropped their FTF about May of 2014.A few others have changed ...
Would REALLY be helpful to provide a filter feature or at least a subset table in bank order that only contains records with less than 1% fees and notes annual fees and banks that refund ATM fees like Schwab and State Farm, and which cards have chip and pin priority or chip and signature+pin feature.
It would be a small but VERY useful table.
Hope this helps.
Last edited by uds0; Nov 25, 2014 at 11:22 am Reason: chip and pin detail request
Nov 26, 2014, 12:35 am
#163
Join Date: Oct 2014
Location: Portland, OR, USA
Programs: Delta + United Airmiles
Posts: 703
Yes, that is my understanding per my discussions with them. They were very careful to state that THEY do not charge any foreign transaction fee, BUT they do pass through any fees, including the 1% fee charged by VISA. Of course, they then reimburse ONLY the ATM cash withdrawal fee, if any (not the 1% ISA fee or balance inquiry or other fees). This is also consistent with my understanding that most banks and credit unions, for debit cards and most credit cards, pass through the 1% VISA fee and, because they can, many banks add their own 1-2% PURE PROFIT on top of that 1% VISA ISA fee pass-through, so that's why the magic number of 3% is so common. Any bank that charges you a 0% foreign transaction fee for VISA or MC card is eating that 1% ISA (International Service Assessment) fee charged by VISA/MC (MC may be slightly less).
I don't have the card so I can't verify, and I will double check tomorrow since I have been having lots of discussions with the main no fee banks and am only human (and over 60!) so I could possibly get the discussion results swapped.
I'll update this post with the results of tomorrow's chat with State Farm Bank.
We all need to remember that Foreign Transaction Fee has had at least several definitions. Some banks (like State Farm and even some credit unions) exclude the 1% ISA VISA fee from their use of that term. I vote for (and some banks define as) ANY amount charged above the "official" exchange rate is part of the FTF since that amount only occurs when there is a Foreign Transaction. Sadly, State Farm and some other banks also define "foreign" as anything non-State Farm, so non-State Farm ATMs in the US are defined as "foreign" ATMs - geeze!
I don't have the card so I can't verify, and I will double check tomorrow since I have been having lots of discussions with the main no fee banks and am only human (and over 60!) so I could possibly get the discussion results swapped.
I'll update this post with the results of tomorrow's chat with State Farm Bank.
We all need to remember that Foreign Transaction Fee has had at least several definitions. Some banks (like State Farm and even some credit unions) exclude the 1% ISA VISA fee from their use of that term. I vote for (and some banks define as) ANY amount charged above the "official" exchange rate is part of the FTF since that amount only occurs when there is a Foreign Transaction. Sadly, State Farm and some other banks also define "foreign" as anything non-State Farm, so non-State Farm ATMs in the US are defined as "foreign" ATMs - geeze!
Last edited by uds0; Nov 26, 2014 at 12:58 am Reason: added FTF definition fuzziness reminder
Nov 26, 2014, 11:21 am
#164
Join Date: Oct 2014
Location: Portland, OR, USA
Programs: Delta + United Airmiles
Posts: 703
State Farm chat about no FTF (but 1% VISA ISA fee)
Welcome to chat with State Farm!
Paul (9:39:24 AM): For State farm debit card transactions not processed in the US:
How much is and where is the Foreign Transaction Fee (even if no fee is charged by State Farm) disclosed?
Does the FTF include the approx 1% VISA ISA fee or is that fee charged directly to the customer?
When will the chip and pin card be available (critical for many places abroad)?
Sherry (9:42:58 AM): State Farm Bank will not charge a customer for using their CheckCard for purchases overseas. However, VISA will assess a currency-conversion charge (typically a percentage of each foreign transaction amount) when customers use their VISA CheckCard abroad. ATM withdrawals are subject to ATM surcharges.
Paul (9:47:33 AM): Since State Farm charges no Foreign Transaction Fee, does State Farm disclose that it does NOT charge a foreign transaction fee - that is a big selling point that seems oddly missing?
Sherry (9:55:07 AM): I do not know why it is not on the website. I will submit feedback that it should be.
Paul (9:57:58 AM): Does "currency-conversion charge" = VISA ISA fee?
Sherry (9:59:33 AM): Yes.
Paul (9:59:41 AM): When will the chip and pin debit and/or credit card be available (critical for many places abroad)?
Sherry (10:03:01 AM): I'm sorry. We have not been given a timeline on how soon we will have the chip available.
Another chat prior to this one provided the logic: since we don't charge a FTF, we don't disclose that we don't charge it!
Gotta love those marketing savy bank folks! <g>
Anyone have a State Farm card that they've actually used abroad to confirm the rep's statements?
The 1% VISA fee and no chip are why I finally signed up for the Schwab card instead of State Farm despite State Farm having easier local access via ATM for deposits and local agent for face to face (huge benefit!)
Paul (9:39:24 AM): For State farm debit card transactions not processed in the US:
How much is and where is the Foreign Transaction Fee (even if no fee is charged by State Farm) disclosed?
Does the FTF include the approx 1% VISA ISA fee or is that fee charged directly to the customer?
When will the chip and pin card be available (critical for many places abroad)?
Sherry (9:42:58 AM): State Farm Bank will not charge a customer for using their CheckCard for purchases overseas. However, VISA will assess a currency-conversion charge (typically a percentage of each foreign transaction amount) when customers use their VISA CheckCard abroad. ATM withdrawals are subject to ATM surcharges.
Paul (9:47:33 AM): Since State Farm charges no Foreign Transaction Fee, does State Farm disclose that it does NOT charge a foreign transaction fee - that is a big selling point that seems oddly missing?
Sherry (9:55:07 AM): I do not know why it is not on the website. I will submit feedback that it should be.
Paul (9:57:58 AM): Does "currency-conversion charge" = VISA ISA fee?
Sherry (9:59:33 AM): Yes.
Paul (9:59:41 AM): When will the chip and pin debit and/or credit card be available (critical for many places abroad)?
Sherry (10:03:01 AM): I'm sorry. We have not been given a timeline on how soon we will have the chip available.
Another chat prior to this one provided the logic: since we don't charge a FTF, we don't disclose that we don't charge it!
Gotta love those marketing savy bank folks! <g>
Anyone have a State Farm card that they've actually used abroad to confirm the rep's statements?
The 1% VISA fee and no chip are why I finally signed up for the Schwab card instead of State Farm despite State Farm having easier local access via ATM for deposits and local agent for face to face (huge benefit!)
Nov 26, 2014, 11:28 am
#165
Join Date: May 2006
Location: Melbourne, Florida, USA
Posts: 2,983
I have two State Farm cards, one is a VISA debit card, the other is an ATM card, and neither charges 1% fee for cash withdrawals abroad. These transactions may go through the ATM network and not VISA. As an aside note, I made an experiment once and withdrew the same amount in foreign currency from both cards back to back and the amount in dollars was the same.
I am not sure about purchases because I generally don't do those with a debit card.
I am not sure about purchases because I generally don't do those with a debit card.