Capital One

My Cap 1 CREDIT card charges no fees. I haven't received any information on fee changes for foreign transactions. Don't know about the debit card. I guess you're a customer of a brick-and-mortar Cap 1 Bank, since you can get a "Cap 1 debit card" - but assuming that it's Mastercard- or Visa-affiliated, those companies normally impose a charge that is passed on to whatever bank you use for POS purchases, a charge that is normally passed on to bank customers. Maybe Cap 1 doesn't absorb that charge on debit cards?? You do need a debit card for cash withdrawals - you don't want to get stuck with fees for cash advances on a credit card. But a credit card is useful as well. Aside from the no-fee advantage with Cap 1, you have protection against fraudulent use of your credit card no matter what CC you have; if someone is able to swipe or otherwise use your Cap1/mc/Visa debit card, they can clean out your bank account, and the more you use such debit cards, the more exposure you have to such fraudulent use. I normally pack my credit cards (2) and a debit card (2 in case I lose one or one goes bad.) But my debit card, issued by my home bank, is not MC/Visa affiliated - it's for use at ATM's/banks only, and no one can use it to make POS purchases or compromise my bank account.

Call Capone, they have good phone service. Find out if you opened the wrong account. I don't know what you did. I have the CapOne Hi-Yield Money Market Account. There are no fees from them for ATM machine use. I have a 4 digit ATM card, it is not a debit card and can't be used with merchants.
It may be that getting a DEBIT card, as opposed to an ATM card, is the problem. You say you have a DEBIT card to use for purchases, you do not need this. Also, they have a Mastercard that has no foreign transaction fees (eveyone's 3% conversion), 1% cashback on everything, and 2% cashback on gas and groceries. Never use it as a debit or for cash advances, as interest on cash pulls is immediate--not 25 days after the end of the billing cycle. You have to look at their options to find this, this is not the card that is advertised with the Vikings.

I have the Money Market account also and as far as I know Cap one has no "actual" Banks. If you went to a regular bank you will get charged from that bank not Cap one. I used my debit card all over Europe last year and did not get charged one cent for fees. However when I use it in the US or Canada I do get a fee from the bank of the ATM I go to but not a fee from Cap one to exchange the rate (in Canada for instance) Cap one saves you the money your bank would charge at a foreign ATM and in Europe they do not charge for a transaction fee so you save both ways. In Canada and US you save only one fee but that is still better than getting charges from both ends.

I just open a credit card and Money Market accounts for the purpose of traveling outside the US. Both of these account post no foreign exchange fee (other charge 1%-3%). I will use the credit card where I can and ATM card on the Money Market for cash. If I understand them correctly, if the ATM charges a fee, Cap1 won't reimburse it. Quote: "You could also be subject to a surcharge by bank that owns the ATM". But the good news is, ATMs outside the US normally don't charge a fee. I know that for fact when was in Canada.

I have a Cap 1 credit card account and when I notified them two days ago that I would be making purchases in Europe (so they wouldn't decline my card for suspicious activity), the agent reminded me that there is no foreign transaction fee. That info is about 48 hours old, I don't think their policy has changed. Perhaps you need the credit card account rather than the debit card.

I did call customer service, and was told that there was no such fee. I then read them the notice that I had in my hand, and both of the people that I spoke to (including manager on some level) did not know about the change coming this summer. People at my local branch were clueless (yes, there are physical Capital One banks), so I am going to make a point to stop at a branch nearer to a business part of town this week. thanks

Credit cards don't have a transaction fee (caveat - Capital One has at least a dozen credit card products so make sure the one you apply for is included). Debit cards are a completely different product, you probably need to shop around for a better deal. USAA charges a flat one percent, as do many smaller banks and credit unions. A few places charge nothing, but you need to also make sure the account rules and restrictions work for you.

I also have a Capital One checking account, from a brick and mortar branch. Yes, the policy did change, there was a separate mailing in the last week or two notifying customers that they will no longer reimburse you for fees incurred any non Cap One ATMs. I threw away my notice and cannot tell you exactly what else it said. Note: This does not affect any Credit Card customers, just customers of the bank branches.

I stopped by my Capital One bank branch today to ask about this and was given the following notice: Effective August 15, 2012, withdrawals from an ATM outside the US, Puerto Rico, and the US Virgin Islands will be subject to a 3% fee. This international ATM fee is in addition to fees that may be assessed by the ATM operator and the $2.00 foreign ATM fee we may charge for using a non-Capital One Bank ATM ($2.00 may be waived depending on your account type--see your product disclosure for specific fee information). So, I'm very glad my trip to Europe is in June/July and I will be canceling my Capital One checking account as soon as I get back!

I opened a Capital One checking account online a few months ago because of no foreign transaction fees. So far, I've been very happy with it and I now use it as my primary account. They even reimburse my ATM fees from other banks. I called customer service and they had not heard anything about the policy changing. I didn't get the mailing either. Maybe there's a difference between the online accounts and the branch accounts? I don't know. I really hope this policy does not change. I'll have to switch again. At any rate, I'm leaving in a few weeks so I'll worry about it after I get back. Here's a marketing idea for you banks out there. Offer a chip & pin debit card with no foreign transaction fees. Target it to folks like us. How hard could that be?

I think I read but I wasn't paying a great of attention to this subject. But I think the article said that debit cards on checking accounts at brick and mortar Capital One banks would start charging the currency conversion fees typical of most banks and that the on-line bank accounts would not. An interesting difference. This change in fee structure for using debit cards is the results or the unintended consequences of the recent bank laws that limited the fees that banks could charge merchants for debit card transactions. Has any seen a reduction in pricing since the merchants are saving money? There is a political statement here but I will not make it.

I work for Capital One Bank and just to clear up the confusion, Capital One Bank DOES NOT charge any foreign transaction (conversion) fees on our debit cards OR credit cards, nor do we have plans to start. The customer notice that was received is referring to a fee for withdrawing cash from an international ATM. It does not apply to debit transactions - those remain free. It also does not apply to online Capital One Bank accounts.

Amanda, The problem is that most people who travel want to use their debit card to make withdrawals from ATMs so that they can get cash. So charging for ATM withdrawals no longer makes Capital One's debit card a good choice for international travelers.

Thanks Amanda for the clarification. Smart international travelers know it's usually best to withdraw from the ATM and pay for most things in cash rather than plastic. There are a number of reasons for this that I won't go into here. Maybe you can pass it along to Capital One that the new fee could cause some people to close their accounts. All we want is an inexpensive way to withdraw our hard-earned money overseas without feeling like we've been bamboozled when we get home and look at our bank statements.

I'm with Laura, my debit card is for ATM withdrawals only. Purchases are normally made with cash unless it's a big item, then it's a credit card. I don't see myself ever using my debit card for purchases because of the risk of my travel cash disappearing due to fraud. If one of my credit cards gets scanned improperly and results in fraud, I can cancel the card and work it out when I get home. If all my cash disappears because of fraud, I have a much bigger immediate problem to deal with. I'm using a Capital One Venture Card as my main travel card now (except my Costco Amex is now my primary for rental cars because of their exceptional CDW insurance option). Because of the changes to banking laws in 2009, consumers need to keep an eye on their bank fees. Banks lost fee income from retailers in the deal and are looking to replace it in other charges.

Wow! I was still thinking Capital One for ATMs was the best way to travel. I am leaving the states to travel backpack for an extended time: one year plus. That will begin in January. Is there a better route than Capital One now? I rely almost exclusively on ATM cash. Thanks

Capital One for CREdIT CARD purchase and Charles Schwab for ATM withdrawals. No fees all!

Chere, you can most likely find a debit card in your local area that charges nothing (try credit unions). I carry two debit cards. My local credit union card charges nothing at all. My other card, from an online bank, charges 1%.

Agree with the comments re: Debit Card for withdrawals and CapOne for credit card use. Just returned from Spain and it worked great, with ONE Exception>
WHen you use a credit card now they will ask you if you want Dollars or Euros. Be sure to say Euros! If not they will add a 2.5% charge! Even on the Capital ONe card. It comes from the local bank used by the merchant/restaurant.

Retailers had a big win a few years ago when Congress limited the fees they pay for accepting debit cards. Since then virtually all debit cards have changed their fee structures (mine discontinued their rewards program). I'm not sure everything has settled in yet, so you still have to shop before each trip to make sure you aren't in for surprising fees during your trip.

I had a long conversation with a Capitol One agent in August, trying to get a one-time increase in my daily cash withdrawal limit with my ATM card (poor planning on my part), which they ultimately refused. When I suggested that I open a second money market account to avoid this problem in the future, she said that new accounts were NOT available. The explanation was that Cap One had been bought out by ING and things were changing. Her understanding was that existing accounts would continue to be exempt from ATM fees and conversion fees for the foreseeable future.

Alyne, Ditto here Susan and Monte - Cap One for credit and Chas Schwab for debit (ATM).
Safe travels.