Capital One ATM card

I have an ATM from my local credit union. No foreign transaction fees. Check around your area.

@na

You didn't say where you are from, but almost any small bank or credit union will offer a better deal than that. Ask around.

I've done business with a local bank here in Denver, and, up until a few month ago, they only charged 1% (plus a $2.50 out of network ATM fee, same as for any non-bank ATM in the states). They recently raised it to 2%, so I looked around and found another local bank that charges less. My SO uses a local credit union with 0% fee.

For PMA accounts, Wells Fargo give two fee-less ATM transactions per calendar month.

Na, This change of policy from Capital one is not new . I was informed about this about eighteen months ago . As a result I opened a checking/debit account at TD bank . No foreign ATM or transaction fees by maintaining a $2500 USD minimum balance . I just returned from an extended stay in Europe and the card worked perfectly with no fees in any the the six countries I visited . Go to the website for specific details .

Please specify exactly which Capital One card you have.
We have the Capital One Hi-Yield Money market account with its ATM card, and we have received no such notification. And there was never any ATM transaction fee with this.
We also have a Capital One Mastercard (not Venture or anything fancy) and the only notification we have received was one a couple months ago informing that as of Nov 18 the cashback will be 1.25% on everything, rather than the 2% on gas and groceries and 1% on everything else that it had been, and NO change regarding foreign transaction fees, which it never imposed.

I just checked Capital One's web page, and this is indeed so, the products are offered as I described (the Hi-Yield MM has been replaced by something else, but no ATM fees)
Could it be that you are confusing the Usage Fee 3% fee charged on their credit cards for getting a cash advance?

@ Larry , I'm not sure if your post is for me or the OP , but in the interest of helping to clarify this , my Cap one card is a platinum mastercard debit card . I also have a Cap one mastercard venture credit card on which there is no usage fee . Hope this helps .

Is you CapOne ATM card a debit card or a credit card? Makes a lot of difference. If it is a debit card and they are going to start charging you a 3% TF on top of the ATM usage fee you can do better almost anywhere. I have a local credit union debit card tied to a checking account that has a 1% TF and I have never been hit with any ATM machine fee. Where do you live?

Steven, my reply was directed to "na", but this applies to both:
I do not understand where this is coming from.
As I said, there have been no changes to the two Capital One accounts that I have cited above, I have had these accounts for almost 4 years.
And i do not see these charges/fees described on their web page.

@ Larry , I did a bit more looking and now have a better answer ; the high yield card ( as you have ) does not impose a foreign transaction fee . The rewards checking and premier rewards checking accounts do impose those fees . When I established my rewards checking account ( four years ago ) , no fees were charged . That changed ,as I was notified , about eighteen months ago . If you compare the details on Cap one's website , you will be able to see the differences . I probably could have reconfigured my account to avoid the new charges , but opening the TD account literally took ten minutes ,and was less hassle than fooling around with cap one . I also received notice from them , as you did , about the reward changes on the credit card afew months ago . @ Charlie ; the card in question is a cap one rewards checking debit card ,not a credit card .

My credit union ATM card charges nothing (and generally, you won't see any fees from the foreign banks). My online bank card (Ally) charges 1%.

Just to second Steven from White Plains, that TD Bank has foreign ATM withdrawals with low/no fees (depending on which account you choose), and that setting up an account with them is very easy (they give you your permanent ATM card right in the branch when you open the account). If you live near one, look into this. I have no connection to them except as a satisfied customer.

"Wells Fargo charges an International Purchase Transaction fee, which is 3% of the transaction amount for each purchase made with your debit card in a foreign currency that has been converted into a U.S. dollar amount by a network. A $5 fee is assessed for ATM cash withdrawals made outside the U.S."

Those are pretty tough terms and a good reason to put everything you can on a Capital One credit card without any currency discounts.

I'm contacting my credit union to see about their ATM charges for overseas withdrawals.

David, why put things on a credit card just to avoid currency transaction fees when there are plenty of no-fee or low-fee debit cards available?

I'll answer that for David regarding the last question.

Our straight Capital One Master Card gives us 1.25% cashback (which we can take as statement credit anytime we want without having to reach an arbitrary amount, and without having to get a check in the mail). And, the currency exchange goes at the Interbank rate, without the .8% or so fee that is imposed by the Cirrus network when we use our Cap One ATM card from our bank account to draw cash.

So as long as we are in situations where we are comfortable using the card and not worrying about security, i.e. similar to the US, and there is no advantage to using cash (such as lodging that charges less for cash), we will use the card. For example, last two summers in London and Canada we charged almost everything, save lodging. Prior two summers in Central Europe we did not touch the credit card abroad.

Makes too much financial sense. The combined rewards, trivial on the surface, add up.

See also Schwab VISA debit card. No fees beyond the Interbank rate, plus rebates of fees charged by ATMs.

Hello Everyone, thank you for responding to my post. I would have responded sooner except I didn't realize anyone had taken the time to respond. The new website doesn't alert the poster to responses.

The CapOne ATM card I was referring to is just that - a plain ATM card to withdraw money from my banking account (Savings and Checking). It is not a debit card. The checking account that it is linked to is a high-yield account, as one of the responders guessed correctly. Maybe that is the reason for the change. The note didn't specify that the new charge was related to the 'high-yield checking account'. [the term high-yield is very misleading as all their checking accounts pay the same interest rate]

I too live near a TD Bank branch so I will look at their website for more details. Thank you all for sharing information.

Don't go in, call them. Their customer service by phone is excellent. And I've seen reports that in physical branches the same info is not readily available.