Best card for foreign exchange?
Oct 21, 2005 | 2:29 pm
#391
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FatWallet.com is a discussion board website dealing with special deals (think FT SPAM forum on steroids) and has a subforum dealing with financial issues. So it was not a crack at you, but simply an observation that it doesn't really have a good fit here at FT (as it's not really CC-related either) besides possibly TravelBuzz.
Oct 21, 2005 | 7:10 pm
#392
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But discussion of debit card use in foreign countries is very much related to credit card use in those countries, since the bottom line question is which method is more cost effective.
It would be very nice if the moderators would tell us where to start this discussion. I would have much to contribute to it, but will not risk the rath of the moderators in starting the thread in the wrong place.
It would be very nice if the moderators would tell us where to start this discussion. I would have much to contribute to it, but will not risk the rath of the moderators in starting the thread in the wrong place.
Oct 21, 2005 | 8:20 pm
#393
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Originally Posted by brucemcal
I have been using my Bank of America Visa Check card for European purchases and ATM withdrawals. There has been no ATM charge and no exchange charge. However, with this month's statement was an announcement that starting in November, there would be an additional 3% charge for foreign currency transactions. Bummer.
Bruce
Bruce
Oct 22, 2005 | 9:34 pm
#394
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I'm late to the conversation so I didn't review all 14 pages but....
AMEX charges 2%, most Visa/MC charge 3%
When I go abroad, I use my ATM card which I believe Visa charges 1% on top of the wholesale rate for the day (which is what they did for years before all the banks started charging extra fees on top of this 1%). Gives great exchange rates, minimal fees and don't think you can do better any other way. Plus the ATMs in Asia and Europe tend not to charge the $1-4 bucks for using the ATM. Also Netbank doesn't charge me anything from their end. This is great since it eliminates having to carry lots of cash, getting travelers checks, and is so convenient....more so than ATMs in the US almost....
AMEX charges 2%, most Visa/MC charge 3%
When I go abroad, I use my ATM card which I believe Visa charges 1% on top of the wholesale rate for the day (which is what they did for years before all the banks started charging extra fees on top of this 1%). Gives great exchange rates, minimal fees and don't think you can do better any other way. Plus the ATMs in Asia and Europe tend not to charge the $1-4 bucks for using the ATM. Also Netbank doesn't charge me anything from their end. This is great since it eliminates having to carry lots of cash, getting travelers checks, and is so convenient....more so than ATMs in the US almost....
Oct 24, 2005 | 10:43 am
#395
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If you are using a Bank of America atm card for ATM withdrawals and you are a Premier Banking Client or Advantage client, you get at least 2 "free" ATM withdrawals from non-BOA atms per month. And then there are the BOA Global Alliance banks such as Deutsche Bank where you can make withdrawals surcharge-free. The key to this is having a standard ATM card not a debit card. If I'm not mistaken, debit cards have 1% fee even if its at a global alliance ATM.
Oct 24, 2005 | 10:58 am
#396
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Originally Posted by kaptan
If you are using a Bank of America atm card for ATM withdrawals and you are a Premier Banking Client or Advantage client, you get at least 2 "free" ATM withdrawals from non-BOA atms per month. And then there are the BOA Global Alliance banks such as Deutsche Bank where you can make withdrawals surcharge-free. The key to this is having a standard ATM card not a debit card. If I'm not mistaken, debit cards have 1% fee even if its at a global alliance ATM.
Oct 24, 2005 | 5:08 pm
#397
Join Date: Mar 2001
Location: Kirkland, WA
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Originally Posted by julius
I am puzzled why this thread is perfectly acceptable for a long time (and I am happy it is), but Gleff just closed a thread titled "Best Online Bank for ATM withdrawals in foreign countries". I was looking forward to seeing answers, and instead I found an unnecessary crack about "Fat Wallet Finance Forum." It is not a crime to have a fat wallet. Nor are most of us interested in this topic because we have fat wallets. And financing foreign travel certainly has a lot to do with earning miles and points. Please let's hear your views.
I just don't understand.
Bruce
Oct 25, 2005 | 9:18 am
#398
Join Date: Apr 2005
Posts: 69
ATM exhange rate
Just returned from HKG, did the following experiment, transaction is done one the same time ( within 1 minute on the same day)
I used BofA ATM card at BA terminal and get HK$500, it costs US$64.52 from my checking account.
Used the CitiBank ATM card at Citi terminal for HK$500, it costs me US$65.34 from my checking account.
To avoid the 3 to 6 % surcharge by Citi and BofA, I used the Charles Shwab visa card, there is no surcharge in China, Hong Kong and Japan.
looks like BofA have a slightly better rate.
I used BofA ATM card at BA terminal and get HK$500, it costs US$64.52 from my checking account.
Used the CitiBank ATM card at Citi terminal for HK$500, it costs me US$65.34 from my checking account.
To avoid the 3 to 6 % surcharge by Citi and BofA, I used the Charles Shwab visa card, there is no surcharge in China, Hong Kong and Japan.
looks like BofA have a slightly better rate.
Oct 25, 2005 | 9:32 am
#399
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Originally Posted by fun888
To avoid the 3 to 6 % surcharge by Citi and BofA, I used the Charles Shwab visa card, there is no surcharge in China, Hong Kong and Japan.
Oct 25, 2005 | 11:43 am
#400
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Originally Posted by kaptan
If you are using a Bank of America atm card for ATM withdrawals and you are a Premier Banking Client or Advantage client, you get at least 2 "free" ATM withdrawals from non-BOA atms per month. And then there are the BOA Global Alliance banks such as Deutsche Bank where you can make withdrawals surcharge-free. The key to this is having a standard ATM card not a debit card. If I'm not mistaken, debit cards have 1% fee even if its at a global alliance ATM.
QL
Oct 25, 2005 | 12:13 pm
#401
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I just signed up with Commerce Bank (NJ) and plan on trying ATM withdrawal in Spain this weekend. Supposedly they don't charge any fees on international ATM use.. but we'll see!
Oct 25, 2005 | 10:56 pm
#402
Join Date: Jun 2004
Posts: 126
Originally Posted by littleleaguemom
Is this the Schwab Visa debit card? I plan to use mine next month as my bank has gotten on the surcharge bandwagon. Schwab told me there was a 1% fee plus a $1 withdrawal fee but it looks like the 1% may not apply everywhere. Have you used it in the UK, Israel or Australia?
While in Madrid (thanks flyertalk) late september my charges turned out to be at a rate of ~1.203 dollars <-> 1 euro. Now the weird thing it actually appears to be _lower_ than the conversion rate at the time of the charges (http://finance.yahoo.com/q/bc?s=EURUSD=X&t=3m)...though I wonder if MBNA performs the conversion at the time of billing which would explain it, as early October the euro had depreciated to < 1.20$...
Oct 26, 2005 | 9:24 am
#403
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Originally Posted by QuietLion
I am Premier and was charged $5 for an ATM withdrawal in Israel. However, they do not charge any percentage on the ATM witdrawal or BA Visa credit cards for Premier Banking Clients.
QL
QL
Oct 26, 2005 | 10:50 am
#404
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Just for comparison...
My local bank says they charge $1 for withdrawing from foreign ATMs. You will also be charged a fee to be determined by the bank operating whichever ATM you withdraw from.
On the other hand, if you use their debit card for straight purchases, the only penalty applied is that of the foreign exchange rate. There is no additional 1% tacked on.
My local bank says they charge $1 for withdrawing from foreign ATMs. You will also be charged a fee to be determined by the bank operating whichever ATM you withdraw from.
On the other hand, if you use their debit card for straight purchases, the only penalty applied is that of the foreign exchange rate. There is no additional 1% tacked on.
Oct 27, 2005 | 7:24 am
#405
Join Date: Apr 2005
Posts: 69
oversea charges
Originally Posted by littleleaguemom
Is this the Schwab Visa debit card? I plan to use mine next month as my bank has gotten on the surcharge bandwagon. Schwab told me there was a 1% fee plus a $1 withdrawal fee but it looks like the 1% may not apply everywhere. Have you used it in the UK, Israel or Australia?
As to ATM, BA have lots of partner banks all over the world and will not charge you the $5 ATM fee. At to Citi, they do not have any partner and can only use at the Citi ATM if you want to avoid the $5 charge.