allanfan

Is charles schwab the only option now for a debit card cash withdrawal at a foreign ATM?

Someone mentioned Fidelity Cash management account, but seems they charge 1% now:
https://www.fidelity.com/cash-manage...gement-account

joshwex90

State Farm is another possibility

airnut

State Farm is definitely a great option. I always get my domestic and international ATM fees automatically refunded at every statement cycle.

Happy

The 1% is always there in the T&Cs. The exchange rates have always been very competitive, when comparing to the XE historical Intraday Avg Interbank rate, the difference usually within 0.2 to 0.5% - sometimes in my favor. Very similar to Schwab's.

In reality, Fidelity does NOT charge you 1%. It is the bank where you withdraw the money sometimes charges the 1% as a single line item as "purchase" - Last Sept I have one single incident with BNP at Aix en Province that has such 1% fee. And yes, that 1% fee is not waived.

I have not seen any such practice with other banks in Spain, Italy, France, Hungary and Austria since that one time experience. Needless to say I do not know whether BNP in Paris or other parts of France charge 1% fee or not because I avoid BNP since then.

Dovster

Re various points raised in this thread:

1. I have called BoA at its 1-800 number many times from Israel with no problem. The same is true for TDAmeritrade.

2. TDAmeritrade has cancelled all debit cards and checking account unless you have a U.S. mailing address (although you can keep your foreign physical address). I use my sister's mailing address.

3. TDAmeritrade's Visa debit card does not charge forex fees. It also does not charge for use at any ATM in the US. It does, however, charge for ATM use overseas.

4. BoA'a Travel Rewards Card (Visa Signature) does not charge forex fees. All other BoA cards do, even if you buy something out of the country and are charged in U.S. dollars.

Now, my question: Does anyone here know how much Travel Rewards points are worth?

Kpoxa

For those interested in getting Schwab debit card by opening new checking and brokerage account keep in mind that you may end up with hard credit pull. I just discovered credit inquiry from Schwab in my report after opening a new account. Fortunately, it was from EQ which I don’t really care about too much as very few Credit card companies are using it in my area.

FlyerKK600

I used both Fidelity's mySmart and Cash Management accounts in South America with the premise that the ATM fees would be reimbursed in Sept 2013. When I returned and noticed no fees were reimbursed for the international withdrawals, Fidelity told me that the ATM withdrawals had been classified as "cash advances" by Visa and were not eligible for reimbursement. Somehow it was neither my fault nor Fidelity's but Visa's but Fidelity claims they cannot do anything about it.

Beware working with a company that makes excuses about not keeping its promises.

The only competitive advantage is that they still give ~1% forex fee.

kngspook

Did you open the account with the margin option enabled? (Might be on by default...)

Kpoxa

You are right. I just checked and there is Margin Borrowing feature on my account. I don't remember explicitly selecting this option when applying so it must have been on by default. If this feature triggers credit pull then it would make sense to opt out of it assuming you won't be doing margin loans.

jvquarterback

Does anyone have experience using a bofa debit card with deutsche bank or barclays atms in India. Does that get you out of the $5 fee?

Boraxo

Bank of America cards are now among the WORST since the T&Cs were quietly changed in August (effective November 2013).

BofA now charges 3% forex fee at all ATMs, even Global Alliance. You will also pay $5 per withdrawal unless the ATM is a Global Alliance member.

Deutsche is only a member in Germany and Barclays only in UK - outside those countries you will get hit with the $5 fee + 3%.

Dieuwer

Is there a list somewhere with card fees and best options?

lacuadra

True true!
I extracted 200.00 US and was hit with $11.00 in fees. Makes me think of going back to the travelers check years... Grrr. BoA is not good anymore!

PS Am a Advantage Preferred customer or whatever that means now...

Dovster

Does that 3% ATM forex fee apply for BoA's Travel Rewards Card? I have never used it at any ATM but I know that it carries no forex fees at all for purchases.

My TDAmeritrade Visa debit card also has no forex charges, including at ATMs, but while it reimburses the ATM charges other banks charge in the US, it does not for foreign ATMs.

Dieuwer

Might as well bring cash again. I just got whacked with a 150 baht surcharge in Bangkok on top of the 3% BofA conversion fee AND the ATM fee. Total: $10 + 3%.