Good analysis. Thank you. Just one caveat. Some of our family members with a small community bank weren't able to make a withdrawal from different ATMs in Spain. They could use it all over the US, but more than one bank in Spain rejected their attempt at withdrawal. It depends on your bank, I guess.
My BofA debit card didn't trigger a fee of any sort with BNP in France. Perhaps there are different cards.

The published exchange rate on the days I made my withdrawals was 0.9219 €/$

I am amazed the rate never changed. I am assuming the withdrawals were made on different days over a span of several days (?)

Nice detailed report

Generally, French bank ATMs, those from: LCL, BNP, and Banque Postale, only issue cash, they have nothing to do with exchange rates, nor do they have fees. HSBC was included in this list, I am not sure what CCF, who took over their operations in France, will charge for ATM use, if anything. Other financial institutions such as: Société Générale, Caisse d'Epargne, Crédit Agricole, will charge local ATM fees. At CDG/ORY, Travelex charges a few percentage points.

Next are the entities making the foreign exchange, euros to dollars, links setup by your local bank. These exchanges typically charge 1% and are computed within the exchange rate and invisible to you. However, customers of Schwab or those using the All Points network have this fee refunded. Some US banks add 2% to the foreign exchange fee and charge their customers a 3% transaction fee for all foreign withdrawals.

Any other fees, come from your local bank, and BOA has some of the highest foreign ATM transaction fees of any bank in the USA. Wells Fargo and Citibank have a very similar fee structure to BOA. However, some customers maintaining large investment balances with these banks may have special, lower fee structures.

For many years I have banked at USAA which charges no fees to use ATMs anywhere in the world, but they do include, within the currency conversion, the 1% fee to the exchange network.

I know I sound like a broken record. But Bank of America is our absolute worst option. I think if you’re traveling internationally.

My favorite and the reason I finally walked away was a trip to Spain. I spent an hour on the phone with Bank of America putting a travel alert on my account. Tell them I was going to Spain. I get to Spain in the card doesn’t work. I have to call them. To be told because its high risk my card will not be allowed to be used in Spain.

The day after I got home, I went to the bank and I withdrew every penny they had on deposit and I closed every account I had with them. When the manager asked why I was doing this, I told him I wanted to protect him from fraud. He couldn’t even come up with a good defense.

And I keep reading about these fees that are among the most outrageous I see. If you’re planning a trip and you bank with them, it’s probably good open up another account before you go so that you can protect yourself from them.

As noted many times before, it is simple enough to get a card that has no foreign transaction fees. And, reimburses you for the fees on the ATM end.

The results you saw are typical, basically, sans fees, within 1% of the Interbank rate. You do not mention the dates of the transactions, so hard to make any other comparisons. Also worth pointing, none of the ATMs themselves charged you a fee, all fees were assessed by BoA.

I will, for the benefit of all, correct one thing, there was no difference in "exchange rates" by any of those ATMs, ATMs do not deal with exchange for a simple ATM transaction, you ask for 200 euro, they give you 200 euro, they tell the network, I gave this person 200 euro (plus a flat use fee if they charge a fee, not an issue here). It is the network associated with your card that will handle the exchange, before sending the total to your bank. Going to one ATM over another will not give you a "better rate"

If you see anything about USD, exchange, conversion, you are being offered DCC, not doing a straight ATM transaction.

But your point is well taken, know what fees your bank charges, what fees they might reimburse

Just to add, when you read the "published exchange rate" in the newspaper, that is the bank to bank exchange rate. You will never get that exact rate. It is what the rate is for the very large exchanges between banks.

Judy is correct, but Visa does have a web page with their daily rates.

My BoA credit cards and ATM have no international fees. And it's been years since you had to notify BoA that you were traveling. Mine have worked flawless for decades.

tclarkmd's thread is about ATMs, not credit cards. The one has little to do with the other in terms of a cost analysis. Obviously, credit cards without any transaction fees, and those offering healthy reward programs are a better purchase option than is paying cash.

Exchange rates vary by the minute, even quicker. They are dynamic, making any analysis about actual rates for any given transaction very difficult.

We moved all our personal and business accounts out of BOA years ago partly because of this kind of junk fee. We use a small bank for our travels that not only charges no fee but will reimburse us for any fee imposed by a foreign company or bank on the withdrawal process.

Also when they offer you a withdrawal calculated in dollars always reject that. Do everything on credit cards and ATM cards in Euros and you only pay one exchange fee and it is close to the international rate. All other offers are grift. Stores like Galleries Lafayette push this and virtually every place we used the card in Spain tried to do this. It is totally a grift to fatten their profits at your expense.

Okay, your bank probalby publishes the rate that they pay. BoA pays about equal to what the Visa site has, or the few times I have checked they have. I have a reason to check because I have a different situation. But when on holiday I am not going to worry about fractions of a percent or gaud help me, one entire percent on 30% of the cost of trip. Sit down before you read this, but from time to time I use a EuroATM. Yup, sets me back maybe $3 on $100 but sometimes thats the best course of action for an enjoyable trip. One time a waiter even pushed the DCC button about 5 years ago. You know what I did? Thanked him for the good service, left a tip and went exploring.

but from time to time I use a EuroATM

Nothing wrong with Euronet ATMs, especially if your card reimburses you for ATM fees. Euronet ATMs are everywhere, you know they will charge a fee, but if you really need cash, as you said, what is a few euro, and more and more ATMs are charging fees.

I know I sound like a broken record. But Bank of America is our
absolute worst option.

Totally agree. I never use my BOA ATM when traveling (I often wonder why I do any business with them at all except old habits die hard). I also have an account at TD Bank if I need to use an ATM for cash and such, but most purchases (restaurants, hotels, trains, etc.) are done on my Barclay's MasterCard with no "transaction fee" scams.

So the waiter cheated you and you left a tip as well in a country where tipping is not the norm. So hosed twice?

janettravels44, perfect example of conventional wisdom gone bad, and a good example of how 30 cents means a lot more than a nice day and a clear mind on holiday for some.

Some financial institutions will offer no international transaction charge. My experience is those require large deposits, investment portfolios or other qualifications. If you have those as an option, use them.

I've been using a USAA debit card for ATM withdrawals. They charge 1 percent (and no additional fee) per transaction. They also reimburse any transaction fee from the ATM I'm using (up to 5 euros during my last trip to Spain) but only up to $15 per month. I don't think it's too hard to find a local bank that offers essentially the same 1 percent with no flat transaction fee.

I'd dump any bank with a 3 percent (often plus a flat fee) per withdrawal, just like I'd skip a gas station that charges significantly more per gallon. If your debit card has those fees, consider opening a travel account at another bank (then change all your banking over time).

Another note on ATM withdrawals: If you want to be frowned at, try using a 50 euro note in the morning to buy a coffee and croissant. Some ATM's give you options on how you want your cash dispensed. I have the best luck using an ATM inside grocery stores (LIDL, Carrefour, etc.) If you can, get 20's max, 10's are even better. Some banks will spit 50 euro bills and give you no option. I try to avoid those.

Final note on cash. Euronet is not an ATM. Even though there is an ATM sign above the machine. Lately, I've been finding almost all Euronet machines in airports and often most or all machines near tourist areas in town. These are automated exchange booths that mimic the look of an ATM. Avoid these unless you want to pay a massive transaction charge. Generally, look for Banc, Banco or Bank in the name of the Financial Institution and avoid anything with an EX in the name. If the machine asks if you want to use your credit card first, it's another sign it may be an exchange booth. You should be using your debit card for cash, not a credit card (likewise a credit card for payments, not a debit card).

Euronet is not an ATM. Even though there is an ATM sign above the machine. Lately, I've been finding almost all Euronet machines in airports and often most or all machines near tourist areas in town. These are automated exchange booths that mimic the look of an ATM.

This is functionally incorrect. You can conduct an ATM transaction at a Euronet ATM (and Travelex for that matter) that costs no more than any other ATM. You simply reject DCC, which you will also be offered at other ATMs. Yes, you will pay a small fee, like most ATMs anymore, but the end transaction is no different. If you are paying "massive fees" you are doing it wrong, and susceptible to do the same at the venerated "bank" ATMs.

Avoid these unless you want to pay a massive transaction charge.

"Massive" was 3% last time I needed cash in a hurry and the EuroNet machine was sitting outside.

Mr É's point is well taken. I knew a guy who spent two hours of his precious vacation time looking for a machine affiliated with his US bank in order to avoid a fee. Time is money.

I want to thank everyone for their expert advice!

Big 2 takeaways for me:

1 Don't use BOA for ATM withdrawals overseas because that's where all the fees come from

(Curious if others know, are the other big banks, Chase, and Citi just as bad as BOA?)

2 Going to one ATM over another will not give you a "better rate," so don't waste your precious vacation time looking!

I will be cross-posting this thread to Tripadvisor as well, for the benefit of those there as I wish I had all this wisdom before I went to France (even though I looked and looked...)

Cheers!

You can conduct an ATM transaction at a Euronet ATM (and Travelex for that matter) that costs no more than any other ATM. You simply reject DCC, which you will also be offered at other ATMs. Yes, you will pay a small fee, like most ATMs anymore, but the end transaction is no different.

This is at odds with my experience in Berlin. Euronet charged me a fee of 3 euros plus 3%, and in addition offered the extortionate exchange rate of 0.82 dollars per euro. Cost me about $130 to get 100 euros in cash.

My need was immediate, so I took the deal, but I could've done so much better had there been a bank nearby.