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BofA said they'll charge 3% conversion fee. Is this right?

United States
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BofA said they'll charge 3% conversion fee. Is this right?

Hi! I just went into a branch of Bank of America excited and ready to open a checking account so I could use the ATM card free of charge at BNPs all around Paris. However, the manager said that the fee to use the BNP ATM is free, but BofA will still charge a 3% conversion fee.

Is that correct?

And if so, is there anywhere out there that DOES NOT charge the conversion fee? From what I have read here, it seems as if that was the whole point of getting the BofA card?

Thanks in advance!

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New Hampshire
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for Paris
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1. Re: BofA said they'll charge 3% conversion fee. Is this right?

You don't believe them?

Yes, many banks charge a conversion fee.

My local bank has no conversion fee or ATM fee.

Worcester, MA
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for Dordogne
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2. Re: BofA said they'll charge 3% conversion fee. Is this right?

Check out some of th epostings about Capital One - their card is supposed t be the best for European travel

jhg

Virginia
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3. Re: BofA said they'll charge 3% conversion fee. Is this right?

I checked into ATM fees for international travel from the US, and I learned the following:

- If your ATM card has a VISA logo on it, then there is a 3% charge for international currency withdrawals. Some banks will take on that fee for you. Our Wachovia bank passes that 3% charge onto us, but our Schwab bank does not. (I also learned that I could request an ATM card from Wachovia that is NOT a VISA check card - but is just an ATM card, and if I have that I would not get the 3% fee from VISA.)

- Some banks charge you a fee for using another bank's ATM, and some banks do not. Our Wachovia bank charges us $2 for using someone else's ATM. Our Schwab bank charges no fee.

- The ATM may charge you a fee if you don't belong to their bank.

Hope this info helps someone!

California
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4. Re: BofA said they'll charge 3% conversion fee. Is this right?

I just got off the phone with a BofA representative and he said the conversion charge would be 1%. Some discrepancy here.

nashville
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5. Re: BofA said they'll charge 3% conversion fee. Is this right?

we stopped using their ATM card for that reason and use one from a striving local bank that doesn't charge us a fee

B of A is delighted to stick you with as much bogosity as possible

Sydney, Australia
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6. Re: BofA said they'll charge 3% conversion fee. Is this right?

The standard fee charged by the Visa/Mastercard network is 1%. On top of that is whatever fee your bank charges.

It is still better than changing cash, where typically the margin added to the exchange rate is 7% to 8%.

California
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7. Re: BofA said they'll charge 3% conversion fee. Is this right?

And which would that be if I may ask. I also just called HSBC and they'll charge 3% currency conversion for withdrawing my own funds from a HSBC ATM. Ridiculous!!

Great Barrington...
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8. Re: BofA said they'll charge 3% conversion fee. Is this right?

Read this: …nytimes.com/2009/…

United States
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9. Re: BofA said they'll charge 3% conversion fee. Is this right?

I'll start a different post so the name of the bank can be in the title - but this new (new to me) bank - but it seems great and the people are really nice. Its called FIRST REPUBLIC BANK www.firstrepublic.com and seems, per my comprehension, like their ATM REBATE CHECKING ACOUNT works like this:

-if an atm in Europe (or wherever around the world) charges you a fee to take out money, First Republic will reimburse you all those charges at the end of the month.

-if you take out money at an atm (lets pretend BNP), BNP will charge you a rate to change it - BUT First Republic will give you a better rate (still a bit unsure on what this means) but the guy clearly stated to me "there is no conversion fee" so im thinking this means that you get a better translation rate than BNP will give you

-there is a $15/month fee (but you can open and close before/after your trip) AND you have to have $2,500 minimum balance to not get another fee.

they have branches in california, new york, nevada, oregon, connecticut and massachusetts.

sounds good to me - any thoughts?

Virginia
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10. Re: BofA said they'll charge 3% conversion fee. Is this right?

Most (maybe almost all) banks do charge conversion fees and fees for using another bank's ATMs. However, if those things bother you, you can find a bank that won't charge the fees (like Schwab). It shouldn't be necessary to pay monthly fees.

It's important to do the math and see how much money the 3% charge would mean to you (plus any ATM usage fees). It could be that many people think the amt of money is acceptable.

It bothered me, so I opened an account with Schwab to avoid those fees.