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ATM fees for withdrawals?

Pennsylvania
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ATM fees for withdrawals?

I was advised to check with my bank to see if there was a transaction fee assessment for withdrawing money from an ATM while in Spain. I was surprised to learn that my bank charges a 3% surcharge, and when I called my credit union (whose rates are usually better), it was explained that an ATM withdrawal would go via a Visa link and would therefore incur a transaction fee NOT TO EXCEED 5%.

Advice?

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Spain
Spain
Europe
Hong Kong, China
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for Hong Kong, Osaka
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1. Re: ATM fees for withdrawals?

Each bank charges differently. If you want to save money on overseas withdrawals, you might need to open a new bank account with another institution that charges less.

Malaga, Spain
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2. Re: ATM fees for withdrawals?

Jyll:

To lessen fees, you could use an ATM on the network of your ATM. The networks are printed on the back of the ATM card.

I have one from my credit union in California and I get charged only 1% for the exchange rate.

Seattle, Washington
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3. Re: ATM fees for withdrawals?

Bank of America doesn't charge any fee in France when using a BNP Paribas ATM or a Barclays ATM in the UK, but I am unaware of any American bank that doesn't charge a fee in Spain. BofA charges a flat $5 fee/transaction in Spain.

If you want to save some money on foreign transaction fees, you might want to check into Harvard Platinum MC offered by Barclays (not transaction fees) or the American Express Platinum Card, but for now, there are not many other options.

Edited: 15 April 2011, 08:31
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France
France
Europe
Spain
Spain
Europe
Charlottesville...
Destination Expert
for Madrid
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4. Re: ATM fees for withdrawals?

Check with Capital One as well. They don't have foreign transaction fees. We use our Capital One card here (always opt for charges in € as they will sometimes offer to put it in "visa" or dollars and then the rates are horrible). But yes, the ATM fees can be bad. And you will also incur a fee in Spanish ATMs as well of a couple €. However, this may still be the way to go as exchanging cash at a currency exchange will cost much more in most cases.

Pennsylvania
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5. Re: ATM fees for withdrawals?

I have applied for a Capital One credit card, as it seems to be the ONLY card that no longer charges overseas transaction fees. Heck, I even personalized it, so that any merchant can see that it's mine! :-)

Has anyone had any experience with Capital One money advance transactions while overseas? Would that be another [better] alternative? Does anyone know if Capital One charges fees for a money advance if paid back within the billing cycle?

california
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6. Re: ATM fees for withdrawals?

Hello!

I had to jump at the chance to tell u that I love capital one!

Yes, it's true they do not charge the foreigne transaction fee, actually MasterCard charges them, but they eat up the cost! They do not pass that cost to you, I've also had a fraudulent charge in Paris, and it was literally a couple of days and it all was resolved! And removed from my acct! They are the only CC I use over seas

Make sure you let them know you are going

• if you open a MMarket acct or checking acct with Capital One they don't charge ATM fees or Forg. transaction fees!

Edited: 16 April 2011, 05:21
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Paris
Paris
Ile-de-France, France
Charlottesville...
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7. Re: ATM fees for withdrawals?

We don't do money advance with them because we have a Spanish account but check with them and see what they charge. I love them. They are absolutely terrific! I used them to book an apartment in London and I used Paypal. They called within 5 minutes to be sure the card was not stollen. And on my Spanish cell phone no less! Very good service!

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London
London
England, UK
Sydney, Australia
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8. Re: ATM fees for withdrawals?

To reiterate and add some things:

BoA does in fact work with BNP Paribas in European countries and WestPac Bank of Australia & will NOT charge a foreign transaction fee; though, I cannot recall if they charge a flat fee at all of the said $5 or 5€, so consult a rep or withdraw enough bills at 1 time to avoid further fees, if any exist.

Credit Vards: I cannot speak for CC's I neither have nor use, but can verify that both my AmEx Platinum & Chase Sapphire Preferred cards will NOT charge you a dime in foreign transaction fees. Those 2 cards seem to be competing with each other with everything they can think of! Lucky me. Check your present cardholder agreement or call a rep to verify if your card waives the fees or not.

Also, some unsolicited advice to prevent credit theft:

ALWAYS call to inform your credit card carrier of exact travel dates. AmEx Platinum has told me I need not call them as rectifying CC theft, on their end, is their forte and practically a promise/guarantee. Even so, if you do not travel abroad often at all, call them, too.

Most important, in my opinion: Everyone should have a permanent security freeze for their credit file placed with the 3 major credit reporting agencies. If you do not know what this is, kindly look it up and consider it. Again, in my opinion, it is 1 of the wisest decisions you will have made.

Happy & safe travels everyone!

Seattle, Washington
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9. Re: ATM fees for withdrawals?

I hate to disappoint anyone, but BofA does charge a $5 fee per transaction in Spain and France. The only exception in France is when you use an BNP Paribas ATM.

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Spain
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France
France
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WI
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10. Re: ATM fees for withdrawals?

Hi,

I actually called Capital One today with a similar question. They do charge a Cash Advance fee, which can be about 25%, even though there is no currency conversion fee. I also asked them how this balance is paid off when a payment is made. They said that the balance at a lower APR will be paid off first, and then the balance with a higher APR. So if you plan on making lots of purchases and if your purchase rate is lower than your cash withdrawal rate, then it might take a while to pay off that cash withdrawal balance, unless you just pay it off all at once.

Hope this helps.