Thanks for pointing out the wiki. I don't usually read it. Apparently, it seems, according to my bank statement, that I haven't been passed on the 1% fee by Visa. At least for now.

This is definitely true. I have, on several occasions, tested the exchange rates by making simultaneous identical foreign currency transactions on MBNA AMEX, MBNA MC, and Capitalone VISA. The converted dollar amounts of MC and VISA always come out identical; the converted AMEX amount can be as much as 4% higher (but not always).

Now that MBNA is charging the 3% surcharge on all MC/VISA transactions I see no other solution than Capitalone. There is also USAA and a Pentagon credit union that offer 1% surcharge, together with an offsetting 1% rebate, but these organizations have restrictive affiliation criteria.

For ATM withdrawals, there is BOFI (Bank of Internet). They offer a certain level of refunds of ATM fees (both foreign and domestic), no foreign exchange surcharge, and relatively high interest (around 3.5% for checking). The drawback: daily withdrawals are limited to $US 300, no matter how much money there is in the account. Still, BOFI is good enough for getting small cash while traveling without paying outlandish fees.

Funny. This is exactly what I do: Capital One for foreign credit card transactions; BofI for ATM transactions; rebate card for US credit card transactions.

I use FirstIB (First Internet Bank of Indiana) and have been using that for 4 years living abroad since 2001. It's excellent. Recently they started charging 1% fee on international transactions, however I am unsure if this is the standard 1% fee that VISA charges, or their charge.

Note: When using your ATM card in Europe, the international bank (let's say Barclays in the UK) cannot charge you a fee. They can only charge a fee for domestic bankholders (such as HSBC, which in most cases they do not).

Hence any charge of an ATM international withdrawl (other than the 1% VISA fee) is strictly by your local bank. For example, Bank of America charges a flat $5 fee per International transaction. Hence, if you withdraw $100, and get charged $5, that 5% which is still better than cash exchange offices abroad.

BofA does not charge international withdrawal fee if you use one of their ATM network banks as noted several posts ago.

Some people reported they dont charge as long as you use the member bank, even in a country other than its own country, i.e. Scotia in Mexico has tons of branches, but it is dedicated as BofA ATM network member in Canada - someone reported he did not incur $5 by using Scotia in Mexico.

Barcley in UK is member bank of BofA ATM network - no fee.

I too use First IB. Best customer service of any bank I have ever used. No fee checking, rebate of ATM fees, nice interest rate on your checking.

Their 1% international usage fee is the fee they are charged by VISA. There is not additional fee charged by First IB.

USAA credit card is available to anyone-bonus card?
 

There has been some discussion above about restictions on the availability of the USAA credit cards. I've had one for years. While I wouldn't qualify for USAA auto insurance which requires armed forces affiliation I had no problem getting the card.

By the way, I have a USAA card which doesn't accrue any sort of bonus. I have heard USAA does have a bonus card. Anyone have details?

I have not had the chance to check the bofA ATM network. While in countries such as Canada, Mexico, and the UK I'm sure the alliances are plentiful, what happens with local banks in obscure countries such as Serbia, Bosnia, Croatia (I used to live and work there?)

Again - I think there is a law that European countries cannot charge you a fee if you are coming from an a bank that is not a part of that country. In the UK, for example it explicitly mentions "Our bank does not charge you a fee for using this ATM. However, your bank may charge you a fee."

I've used the FirstIB ATM card in 20 European countries before and after the Euro conversion, and was never charged by a European bank. The only fee I incured was the 1% fee by VISA (for all VISA debit, credit, and other cards)

I agree. One of the best products/services out there. I shut off the local rip-off Bank of America a long time ago.

One question for the fellow FirstIB customer. Are there any ATM networks were we won't get charged in the US when making withdraws from an FirstIB debit card?

In and around the Philadelphia area and the Northeast, there is a convenience store chain called Wawa. They have PNC Bank ATMs in each one of them. Only in these stores, PNC will NOT charge a ATM fee. That's one place I know that doesn't charge a fee to use an ATM.

I'll look for them up here in Boston.

Thanks

this whole thing of ATMs Overseas not charging a Fee is sort of Nonsense, I was just in AMS my friend exchanged some US$ at a reg Change place that said no commission fee. His rate was 77 Euro to a US$100.

I took out 100 Euro from an ATM my bank charged me $1 (I knew about that) the ATMs bank didnt charge me a FEE but my bank did reduce my acct by $127.99 (not including the $1 that they charge) , funny but the rate in the papers the day of and after was $126.49 so although the Banks ATM didnt charge me a $1.50 fee they simply jacked up the Rate, dont know if this was my bank or the ATMs Bank. Its not the 1st time I saw this happen and I used an ATM card from a different bank that I have. In the end my rate came to 77.50 a BIG .50 better then what my friend got.

So even if BoA supposely doesnt charge a fee, is the rate that you end with the same as in the papers or a higher rate like with my Bank?

Did you use an ATM card with a Visa or MC logo? If so, you probably simply had the 1% Visa/MC charge passed through as part of the rate, since $127.99 = 1.2% more than the rate you saw in the paper that day.

Not at all. When my Bank sent those to me yrs ago I declined them as they had too many fees attached. My ATM card is the Old Banks ATM cards before they switched over to these MC/Visa ones, Good only a NYCE or Cirrus ATMs.

plan on dropping into my bank later today and see whats up. Will probably be told they dont control anything, So Ill ask that they show me the amount of Euros that the other bank is claiming.

It's possible then that the ATM simply gave you a bad rate. I've seen variations in the rate between ATMs in the past on the same day with the same ATM card.

As far as I know, NYCE doesn't exist outside the USA. Cirrus I believe is owned by (or somehow affiliated with) Mastercard, so they may actually charge the 1%. I know my Umbrellabank.com Visa/Cirrus ATM card charges me the 1%, while my Commerce Bank (of NY/NJ) Visa/Plus ATM card does not charge me the 1%. Neither charges any other fee, and Umbrella will rebate any actual ATM-owner fees.

What bank do you use, btw?