ANOTHER question about money in Europe

Well if you think about the fees that you used to incur when you had to actually walk into a bank or use Travelers Cheques (I was in London many years ago before ATMs really took off big and it was a total pain to exchange my Travelers Cheques), the ATM fees are even lower. So it's all relative. It seems that you can't avoid some fees for ATM cash withdrawals, but compared to your other options (Exchanging cash for cash, going to the kiosk at the airport, travelers cheques, credit card cash advances), even an ATM card with fees and a small % conversion fee is a lot better than you'll do otherwise.

For the readers of this board. Check out Compass Bank if you have one in your state. They offer an ATM card with NO fees for withdrawal. we moved from Wells Fargo bank just to be able to use this feature. It works. There will still be a conversion fee, but we saved $$ by using Compass. Call your local branch with questions. And NO, I don't work for them!

Some may say you could be a bit over-paranoid about the fees. Yes some charge more than others - but as you probably read - there are ways to minizmize (maybe not eliminate ALL) fees. CapOne- for Creditcard use - use it for bigger purchases or payments (hotels, fancy dinners). Use the big bank ATMs (hopefully one your bank has a deal with). Staying with the big bank ATMs regardless will probably save you a lot versus small independant ones... but if you take out 300$ or so every few days - and limit your ATM use - the $3-5 is not a big deal given the overall cost of the trip. If you like to carry around $5-600 cash - then take out bigger amounts. While you can try to save a $1 here or there - I try to save at home by doing a bit of research from boars like this one when/where to go/stay - and get the most of the bigger expenses. Dont worry about the nickel and dimes durring your trip... just enjoy knowing you did as much ahead as you can! just my 2cents (and no extra exhcange fee added

Regarding your concern abut ATM fees from European banks, we have never incurred an extra ATM fee from a BANK in Europe. About 2 years ago, somebody from France had posted a comment on the ATMS: Minimizing Fees forum that it was against EU law to for banks to charge for ATM withdrawls. Again, this applies to banks. Little stand-alone ATM machines will ding you with a charge (I know from experience). Additionally, we used the ATMS at the post office building in Amsterdam and incurred no fees from them.

Julianne, The ATM currency-conversion "fee" is the exchange rate. Your ATM card will get you the interbank rate, and you can't do better than that. Unlike BOA's $5 transaction charge, it does not show up as a separate fee anywhere--it's reflected in the price of the euros you buy, per euro (not transaction).

As another BOA customer, I have a small account with a bank that does not charge ATM fees. I put funds in this to avoid BOA's punitive fees while traveling. BNP ATMSs can be scarce on the ground.

You are being appropriately diligent about everything--don't worry!

We have our checking account through USAA, and they will reimburse us any ATM fees worldwide, up to 10 withdrawals and $15 in fees per month. USAA is headquartered in Texas, but has no branches--everything is done online or through the mail. We use the company for everything--banking, mortgages, insurance, etc. I know to use USAA for some things you have to be in the military or the child of someone who served. Don't know if that's the case for banking.

I print out the dollars to euros cheat sheet from www.oanda.com so I always have a pretty good idea of what things cost. I bring my checkbook and register with me and record debits/withdrawals in Euros. I have always been able to pretty accurately keep on top of my checking account balance. Occassionally I call my credit union's automated service line and check on my balance, just to make sure I'm in sync. Just like I manage my money at home -- I've never had a problem.
Be sure to notify your bank that you will be using your ATM and Credit Card in Europe, and the dates. Helps prevent them from thinking the card is stolen.

The currency conversion fee is always in the area of 1% of the amount. You'll always have to pay that fee.But if you use the BoA-BNP-Deutsche Bank connection you don't have to pay the ATM fee, which usually comes up in addition the conversion fee. The ATM fee in foreign countries usually is another 1 or 2% with a minimum of $7.50 per transaction. That fee you can save when using BoA's debit card at a BNP, Deutsche Bank etc.

<a title="Will customers swallow $5 ATM fees from Chase Bank?" href="http://personalmoneystore.com/moneyblog/2011/03/17/chase-atm-fees/&quot;&gt;ATM fees</a> are large revenue for banks and a pain for customers. With the Dodd-Frank Wall Street Reform Act cutting out the overdraft charges, banks are planning to jack up the ATM charges to migraine-inducing levels. Chase is already testing out $5 non-customer ATM fees, reports the Huffington Post.

While this subject is discussed forever, to me the discussing is always confusion, especially for someone like Julianne, because everyone does not use the same terms in the same way. Let outline the transaction and see who agrees or disagrees. 1. Using the ATM terminal in Europe. NO FEEs at bank owned ATMS but possible user fee for private ATMs as has been report in England. Stick to a bank owned ATM. 2. The ATM communicates over a network Plus, Cirrus to see if you have money in your account. You do and you get the interbank rate plus a fee of less than 1% for using the network, buried in the exchange rate and unavoidable. The rate will be the same regardless where the ATM is located. 3. Hits your account at your bank/card issuer. All kinds of fees are now possible. Could be a fee for using the ATM in Europe. Could be a transaction fee of $1 to $5. Most likely a currency conversion to 1 to 3% will be added. Common with large nation wide banks and less common with credit unions and small banks. BUT the point is, all of these fees are determined by the card issuer and should be disclosed to you by your card issuer. Ask lots of questions, several times !! 4. Even with fees a debit card at ATM is still the cheapest and most convenient way to obtain cash in Europe. And always the possibility that this changes tomorrow.

And in reference to that last post: If you have a Capital One BANK CARD (not credit card) tied to a bank account, the fees stop after number 2. in other words, no fees for ATMs unless it's a privately owned ATM hitting you for a fee, which CapOne might cover, and an exchange rate that will show as maybe 1% worse than the published exchange rate for that day. But nothing else. I use this, and have verified this. I do not know what else there is if it's a CapOne debit or credit card,as i don'

Three cheers for Frank's clear and concise explanation of the types of fees on credit and debit/ATM cards. I agree with all of it. Julianne, if you would like to avoid ATM fees that BoA will charge (currency conversion fee plus ATM fee if you don't use a Paribus ATM), you might consider joining a credit union. All Washington residents are eligible to join BECU (Boeing Employes' Credit Union) regardless of affiliation with Boeing. We have a debit card with them and one with another credit union, and I have found these the best and easiest to use in Europe. No ATM fees, and they just started charging a currency conversion fee of 1% (BoA likely charges 3% or so.) Just a thought.

"The ATM fee in foreign countries usually is another 1 or 2% with a minimum of $7.50 per transaction." I've used ATMs in Europe for 10 years and never been hit with that fee. My account with Wells Fargo gives me two totally free (Interbank exchange rate and no out-of-system ATM fee) per month. I have another account with Firstbank of Colorado. They charge me the Networks 1% over Interbank exch. rate plus $2 for out-of-system ATM. After my two free WF withdrawals, I use Firstbank.

"See who agrees or disagrees"
1. Agree. No fees from bank ATMs. Don't use private ATMs they are like money changers and can do almost anything they want. 2. Disagree. The exchange rate is set by the network very close to the interbank rate. If you check now at http://usa.visa.com/personal/using_visa/consumer_ex_rates_us.jsp it will show just over$1.41 for a euro while the interbank rate is just over$1.42 for a euro. This explains http://usa.visa.com/personal/using_visa/exchange_rates_faq.html 3. Agree. Your card issuer sets all the fees you pay. You have to ask. This will give you some ideas http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange 4. Agree. Please note that this is a four year old thread.