|
I am guessing the reason that we have 24 pages of posts here is that there is no bank that will issue a Euro-denominated credit card to an American with an American address. Bummer. I'd really love to get a Carte Bleue Visa for use in France, etc.
For international ATM withdrawals, I've used my University of Wisconsin credit union card almost exclusively. 1% rate and no extra fees - at least that was the case last year. I keep the account virtually empty, and just write myself a check to deposit into the UW acct. before I leave. Otherwise, I use the SPG Amex. (Plus, it's nice to have the Amex if you need to go to the Amex office. Being a cardholder usually means you get a separate line or window.) |
sounds to me like travelers checks are an excellent option then.
|
In all of the countries in which I have traveled, travelers checks get a worse exchange rate than cash, and often incur an additional fee from the bank.
|
Originally Posted by yojimbo
On a related topic, I recently returned from a trip to Europe, where I used my Chase Manhattan ATM card to obtain local currency in France and the UK. On my banking statement, there is the usual $3 Cirrus fee for each transaction.
There is also a new fee labeled "I'ntl 3.5% ATM W". This fee totals 3.5% of the amount of each transaction. My inquiry to Chase yielded the following response: "In response to your inquiry, I have reviewed your account profile and our systems indicate that the international 3.5% ATM withdrawal exchange rate that was deducted from your account was the service fee for the international CIRRUS ATM withdrawal that was deducted from your account on the same day as the international 3.5% ATM withdrawal exchange rate. Please be advised that as of April 2005, the international exchange rate appears as a separate transaction, whereas previously, the transaction was combined. A fee of $3.00 is still assessed for each international CIRRUS ATM transaction as well." Can anyone shed some light on this? I have been using my Chase ATM card which has a MC logo on it to withdraw funds form my checking account over the past several years. I have been getting effective rates about 3+% worse than the interbank rate from oanda.com. No ATM fee since I am a Select customer. When I contacted Chase about this they said the charge was from the ther bank which I think is BS since others are not getting this charge. The last time I used the ATM card the 3.5% charge was now specified separately. I am wondering if the charge is only on the ATM cards which have the Master Card logo and are also usable as debit cards. If so, it would be better to go back to a non-MC ATM card. Does anyone have experience with this? All in all I think that Chase is geting very greedy. And I don't trust what they say. |
Originally Posted by Makatikid
I am wondering if the charge is only on the ATM cards which have the Master Card logo and are also usable as debit cards. If so, it would be better to go back to a non-MC ATM card. Does anyone have experience with this?
Yes, Chase is greedy. So are Citi and many of the other big national banks. Get an account from a small local bank or from one of the internet banks and use that when you're overseas. I use Commerce Bank of NJ (commerceonline.com) and Umbrellabank.com--neither of which levies any fee beyond the 1% Visa fee for purchases or ATM withdrawals. |
Comerica bank does not have any charges for foreign. just the Visa charge i guess. in case anyone was interested. I'm in DTW so comerica is one of the largest banks
|
Originally Posted by themicah
Yes, Chase is greedy. So are Citi and many of the other big national banks. Get an account from a small local bank or from one of the internet banks and use that when you're overseas. I use Commerce Bank of NJ (commerceonline.com) and Umbrellabank.com--neither of which levies any fee beyond the 1% Visa fee for purchases or ATM withdrawals. I have had Citibank accounts for years and have never noticed an explicit charge, either for using an ATM or for foreign exchange. By phone Citibank claims that there is never an ATM usage charge for US Citibank account holders at any Citibank ATM anywhere in the world. At other banks there is no ATM charge by Citibank if the account has a combined balance of USD 6,000 or more. There may be a charge by the other bank, however. There is always a 1% foreign exchange fee (but they prefer some other name). The 3% foreign exchange fee applies only to Citi credit cards, not ATM transactions. Or at least that is the information they give out by phone. |
Originally Posted by ajnaro
By phone Citibank claims that there is never an ATM usage charge for US Citibank account holders at any Citibank ATM anywhere in the world.
At other banks there is no ATM charge by Citibank if the account has a combined balance of USD 6,000 or more. Still, useful information. Thanks ajnaro. |
Recent Canadian Trip Experience
Exchange rates from trip (when rate was about CAD 121.5 to US$100)
Cash exchange at local airport: penalty -about 8.6% Travelers' check at local AAA: -about 7.7% (same exchange rate as above, except there was no fee for AAA members) Business in Canada -about 15% (posted at hotels, stores and restaurants) A lottery store in Toronto:-about 2.7% AAA visa card: - about 1% ATM at Montreal: - about 1.7% ( about 1% conversion fee and $2.00 for ATM fee, and most machines have maximum withdrawal of CAD200) Other credit cards: -about 2.5 to 3% |
The cards I will use in Europe this month
Here are the main cards I will use in Europe this month:
Bank of Internet: I have an excellent Senior Checking account with this bank. Last I looked, it pays 2.96/3%. This a full checking account, not a limited use money market account. My free ATM Visa card can be used anywhere in the world with no fee from Bank of Internet, and up to $8 rebate (probabaly per month - not sure) for fees from ATM's, even those outside of the U.S. Pentagon Federal Credit Union The Platinum Visa issued by this bank pays back 1.25% on all purchases, which implies a net gain of 0.25% on foreign purchases after Visa's 1% fee. No fees or add on percentages by the bank for purchases in foreign currency. Membership in this credit union is liberally available to most anyone who has or had most any type of association with the U.S. Military. The fact that I was a Coast Guard officer during the Vietnam War era qualified me. Other banks that have pretty good, no fee Visa Debit cards include American Bank and E*Trade bank. |
There was a very good article on this in the Washington Post:
The link is: http://www.washingtonpost.com/wp-dyn...072900927.html |
Originally Posted by imokruok
I am guessing the reason that we have 24 pages of posts here is that there is no bank that will issue a Euro-denominated credit card to an American with an American address.
|
Originally Posted by tpulinat
There was a very good article on this in the Washington Post:
The link is: http://www.washingtonpost.com/wp-dyn...072900927.html This burgeoning phenomenon is known as "dynamic currency conversion," or DCC. It turns out that some companies with a large volume of tourist business, such as Avis and Europcar, started the practice in select countries several years ago. Thank you, tpulinat, for this interesting article. Hopefully you'll post more often than thrice every two years. :) The service is offered to merchants by technology providers through the merchants' banks. It happens at the point of sale, so neither credit card companies nor the banks that issue your cards have anything to do with it. . . . . [ B]ased on our experience, it is clearly not always a better deal than asking that the transaction be run in local currency and allowing our credit card company to handle the conversion to dollars. . . . . So let's say you wander into a European shop that uses Planet Payment's DCC system and buy an irresistible trinket with your MBNA Visa card. Unless you request that the charge be processed in euros, you'll likely pay an extra 3 percent for the dynamic currency conversion. Then, MBNA will tack on another 3 percent for itself. That's a total of 6 percent on top of the price of your bauble. Consider what you spend on an entire trip -- at hotels, restaurants and rental car companies -- and it could be a hefty penalty. In the same scenario, if you asked for charges to be run in local currency, typically the most you'd pay is the extra 3 percent charged by MBNA. But wait! Just when you were ready to lie on the beach and sip a silly cocktail charged in local currency, there's another posibility. Bank of America currently imposes a 3 percent fee for transactions in foreign currency, but doesn't charge a fee for DCC transactions converted to dollars, according to spokeswoman Betty Riess. Chase does the same, spokeswoman Jessica Iben said. So with these cards, you'll pay about 3 percent more, no matter which currency you choose. In our case, though, we did even better -- no fees on any foreign charges whatsoever, using a Capital One Visa. According to spokeswoman Diana Don, Capital One absorbs Visa's fee and adds no additional fees on foreign charges, whether they are made in dollars or the local currency. That's why we did so much better at our Irish hotel by paying in local currency. (Other banks that have no fees attached to foreign transactions, according to Consumer Action, an advocacy group, are Amalgamated Bank, BMW Bank and Thompkins Trust Co.) Bottom line: While MBNA cardholders could end up paying 6 percent extra by using DCC, and Chase or Bank of America customers will likely fork over 3 percent no matter which currency they choose, if you carry a no-fee card and pay in local currency, you'll come out the winner, with nothing extra added to your bill. . . . . The Starwood hotel chain is in the process of rolling out DCC for all its Asia-Pacific properties, using Planet Payment's system,according to Corporate Communications Manager Hwee Peng Yeo. Yeo said in an e-mail that the company is "fully committed to the disclosure and consent requirements of Visa and MasterCard regulations." She outlined a procedure whereby customers will be asked at check-in whether they would like to pay in their home currency, based on the exchange rate in effect on their checkout date. Cardholders will then be requested to acknowledge their choice on the registration card, she noted. At checkout, she said, customers will be presented with both the local-currency price and their home-currency price and can opt out of the conversion. Apparently Starwood has not yet implemented its consumer-friendly policy in Asia. I was at the Westin Philippine Plaza in June, and got unwittingly suckered into paying a dollar-based bill, with no option to pay in Pesos. :td: Now I'll know better. |
American Express is still, fortunately, not charging anything if you pay in dollars.
I recently purchased a flight to the States from Delta in Tel Aviv. Delta made the charge in dollars and I paid for it with my US Amex and was charged, to the cent, what the original bill was. |
Originally Posted by SPN Lifer
Apparently Starwood has not yet implemented its consumer-friendly policy in Asia. I was at the Westin Philippine Plaza in June, and got unwittingly suckered into paying a dollar-based bill, with no option to pay in Pesos. :td: Now I'll know better. |
| All times are GMT -6. The time now is 6:09 pm. |
This site is owned, operated, and maintained by MH Sub I, LLC dba Internet Brands. Copyright © 2026 MH Sub I, LLC dba Internet Brands. All rights reserved. Designated trademarks are the property of their respective owners.