Captial One ATM card-- a little misleading

My Ally Bank ATM card charges the standard 1% with no per-use fee for foreign ATM usage. They also reminburse fees charged by the ATM (though you won't see any of those in Europe like you would using an out-of-network ATM here). Ally Bank is an online bank - really easy to set up and access accounts, and they have 24/7 live customer service. Neither of my local credit unions charge a per-use or foreign ATM fee, but one of them charges the standard 1% conversion fee. The other charges absolutely nothing extra.

Lisa, Charges for out-of-country ATM use are fairly standard with all financial institutions, including the Credit Union I deal with. The "bottom line" is that the Bank always gets their fees, regardless of whether they're "hidden" (as in the case of Charles Schwab) or whether they're up front with them. As you noted everyone pays the currency exchange, so there's no leeway on that point. Given the fact that your home financial institution probably has to pay a fee to the European Banks for providing this service to travellers, it's not unreasonable that they should recover part of the costs. With the circumstances of your group, my suggestion would be for those requiring cash to make the maximum ATM withdrawal each time. That way they can minimize the number of $2 fees, and will hopefully ensure an adequate supply of cash for the trip. It's hard to imagine that $8-$10 in fees would "make or break" the trip or be a significant hardship. Good luck!

Hi Lisa. I have an ATM card through my bank; there's no credit card company involved. The card is linked to my checking account. My bank, US Bank, has fees on the high end (a $2 withdrawal charge plus a 3% fee) and I'm shopping around at credit unions to see if I can find better rates. I have a Capital One credit card which charges no international fees and that is the primary credit card I use when I travel (I do bring a backup credit card also).

They told me about the Capital One no fee Credit Card but I am looking to withdraw money from the ATM as I travel in Europe. I heard never do a cash advance on a credit card as that is extremely expensive. I will use a credit card as a back up but want to have easy (and not expensive) access to cash on a daily basis. That is why I am looking for a no fee ATM card if one even exists!! Thanks to all who have replied. I will definitly shop around.
Thanks!

European card usage 101 When you use an ATM or credit card in Europe, the transaction is handled by the Network (collectively Cirrus, Plus, Visa, MC, et al). I believe the first two handle the ATM withdrawals while the last two handle POS transactions and cash advances. For this service, the Network charges your bank that amount, at the international, or Interbank, exchange rate, plus 1%, of which about ½% is for handling the transaction and ½% is for exchanging the currency. If you have a smaller, local bank that doesn't have a foreign currency operation, your bank just pays the amount to the the Network, in USD, and passes it on to you. I deal with one such bank in Colorado. They also charge you me small fee (~$2.00) for the out-of-system ATM, same as they would in this country. Large banks, with foreign currency operations, pay the Network in the foreign fund, thus avoiding the ½% exchange charge, and then charge you 3% for the foreign exchange. A lot of them also charge a larger out-of-system fee ($5?). Some banks don't pass the exchange fee on to their customer. One of my banks, for the account I have, gives me two totally free foreign ATM uses per month. I understand that some credit unions also do not pass the fees on for a limited number of withdrawals per period. But somebody pays them.

Thanks for the basic 101 class. Just got confused when I kept reading on this board that Capital One does not charge fees for ATM withdrawals. That is why I went to open an account and was told othewise.

Ken, Can I ask what you mean when you refer to Charles Schwab's "hidden" fees? I have a platinum debit that I was planning to use while traveling and I called to check fees for the ATM and for using it as a Visa. The rep said all ATM fees will be rebated the next statement, and they charge no currency conversion fee. I assume the fee is that the conversion rate they use will not as favorable as the spot rate? But any idea how much off it is likely to be? Is this considered a good/neutral/bad card for international travel?

I think your confusion may be that you have the WRONG account at Capital One.
You want their "High Yield Money market Account". This account provides an ATM (NOT DEBIT!!) card that has no fees, other than what the owner of an ATM machine may charge, and this is clearly stated in their FAQs regarding this account. Also, as has been documented on this site, and can be referenced with Cap One, their conversion charge, which must be paid somewhere, is small - you will pay about 1% above the published exchange rate that day. I have documented this in my withdrawals of cash on 3 countries now involving 3 different currencies. You will never do better than that. I never went to Cap One to set this up last year, i did it by phone. Please call them on their 866 number on their web page www.capitalone.com (see banking->personal banking->money market accounts) and you will get the correct advice. Tell them you need an ATM card, not a Debit card, and not a credit card. Now if you need a DEBIT card, that is a whole other story.

Hi Lisa, Try a local credit union, ours does not charge an international exchange rate fee, we do pay a mere 50 cents for each transaction, this is charged by the local bank we draw money from when in Europe. Our C.U. also told us we could have our rate upped from $400 to $600 if we so chose to do so.

I never use my credit card as an ATM card. I have an ATM card from Compass Bank who does NOT charge any fees, anywhere in the world. I use my credit card as just that, for credit card purchases. The Capitol One card is EXCELLENT as a credit card as their fees for foreign currency exchange is one of the best, plus you earn miles with your charges. I believe you got your information mixed up, and thus are unhappy with the card. If you have Compass Bank in your town, you might look into opening an account - even if it's just for travel. We switched from Wells Fargo to Compass 7-8 years ago, mostly for the ATM card to use during our travels. As a bank, they've been great!

Ditto to Larry's post. I have a Cap One ATM card for a money market account opened with the Capital One Direct Banking: http://www.capitalone.com/directbanking/ It is an ATM card only: withdraw money from ATM machines .. and nothing else. If I use it at my local bank here at home, my local bank charges a fee because it is not their card. I only use it on my trips to the UK and neither the banks in the UK nor Cap One has charged any fee .. as of this typing (always good to qualify a statement). I do also have a Cap One credit card and use it for my trips because of the (as of my last trip and hopefully continuing!) lack of foreign transaction fee. The credit card is used for hotels and large purchases. The ATM card is used for cash withdrawals.

@Dylan, I wasn't referring to all Charles Schwab products, but specifically to the one Lisa mentioned - "Charles Schwab wants you to deposit your blood, retirement and children's college fund in order to avoid any fees!" In this case, the Bank can avoid charging fees by using the money that's deposited. The Bank always makes a profit in some way, but with this example the fees for ATM use are "hidden". I don't have detailed information on the product you're using, but suspect there are fees somewhere. Is there an annual fee for the card? While you won't be charged a currency conversion with that card, you will of course still be paying for currency exchange. Cheers!

Are you confusing ATM fees with Foreign Transaction Fees? I have a Capital One card which I got because they do not charge a Foreign Transaction Fee (other banks typically charge 3%). I've not yet used it, but have money parked in there for when the chance arises. Boy, if they waive their end of ATM fees in addition, I'll be thrilled. But I certainly didn't get the card with that expectation. And they have no control over the bank/ATM fees on the other end. The ATM fees you describe are no different than when I use my Chase card in a Bank of America ATM here in the US (which I'm sometimes forced to do). BOA charges me $2 and Chase charges me another $2 every time I use the BOA ATM in my office building. Banks (all banks) will find every opportunity to move money from your pocket to theirs. As I mentioned, the upside of a Capital One account is that they don't add Foreign Transaction Fees when you use it as a debit card. I don't know what your worry is regarding debit cards. You seem a bit panicky. Is this your first trip abroad?

I don't understand the negative comments about the Schwab debit/ATM card. AFAIK there is no minimum deposit or other fees. I think you may need to have an investment account or an IRA account, but, once again, no minimums. I have a retirement account with Schwab that I think is a good deal so it was easy to get a bank account, too. I opened a Schwab Bank account specifically so I could get the ATM card. Every month, they automatically credit my account with any ATM fees I have been charged. My only disappointment with Schwab is they discontinued their VISA credit card. I got that because they didn't charge any additional fee for foreign transactions. Bank of America handles the account now, but so far they haven't told me they are going to begin charging the foreign transaction fees.

While I appreciate some of the clarifications posted in this thread, I still just don't get the obsession by some to find a bank with no out-of-network ATM fees. If your bank charges you $2 for every out-of-network transaction, a two week European vacation would cost less than $30 in fees. Even adding in most banks' extra charge of 1-3% foreign transaction fees, the total costs would be under $200 and that is if you withdraw $400 a day in cash, which is a lot. I just don't get why it's worth the time and hassle to set up a seperate account for a vacation... And maybe I'm even more out of touch, but aren't credit unions restricted to certain customer groups? Maybe that's changed and most are open to any customer now, but I see a lot of advice to join a credit union, but if they restrict who can join it's not helpful to most posters.

@ Douglas, "And maybe I'm even more out of touch, but aren't credit unions restricted to certain customer groups?" Credit Unions in the U.S. must be different than they are here? There are a number of large Credit Unions here in B.C., and AFAIK there are no restrictions on who can become a member, except for residency. The main C.U. I deal with certainly doesn't have any restrictions (again, I believe residency may be required).

It's still cheaper then most other US banks.

@ Ken Thanks, I missed the Schwab reference in the initial post. I have a Schwab Checking account that is tied to a brokerage account, which I think is why they discount fees on the banking side. I was just curious if anyone knew if they used an unfavorable exchange rate rather than charging an explicit fee...but it seems like this will be hard to find out.

Thanks everyone for the replies. Let me clarify- We wanted to open the accounts for the children so that they could work from a budget as most won't have a lot of spending money. We did not want them to carry around $400 at one time. I know they are high school age but that does not make them all responsible. I can't control other people's children. Also, most are using back packs as opposed to money belts. I have tried to drill into their heads about the safety of a money belt. It fell on deaf ears. Also, yes it is the first trip abroad. Read a lot of information about people stealing debit card numbers and cleaning out the account with out needing a pin number. I can only go by what I read on this board and what people have warned against.
So thanks again and we will look into other options.

I've been very happy with our Schwab debit cards. My 3 college-age students and I all have cards, and 3 of us have used them successfully in Italy and France. The 3rd one will use his this summer. You do have to open a brokerage account that is then linked to a checking account. I don't believe there is a minimum $ amount to open. You get reimbursed for ATM fees on your next statement. I don't think you are charged a foreign transaction/exchange fee when getting cash from an ATM - which is how we use it. We've found that most places preferred cash anyway. I'm not sure who told you that you had to "...deposit your blood, retirement and children's college fund in order to avoid any fees!", but my kids opened theirs with a few hundred dollars. I would suggest giving them a call.

Membership at credit unions in the U.S. used to be limited to special affiliated groups - everyone who worked at a manufacturing plant, for example. Over the years, states and the federal government loosened the requirements to allow credit unions better opportunities to grow. Banks hate it because credit unions are non-profits so they have cost advantages not available to banks. These days most credit unions allow membership to anyone in the community. There are a few that are still restricted - on the federal level this has to do with credit unions that need to operate in more than one state - but most have what are called "community charters."

Douglas wrote (in part): "While I appreciate some of the clarifications posted in this thread, I still just don't get the obsession by some to find a bank with no out-of-network ATM fees." You are right. Relatively speaking, it isn't a lot of money. I have used credit cards that charge the 3 percent foreign transaction fee and I have made withdrawals at ATMs at which I was charged an additional fee. I think the intense discussion you see about this in this forum is based on two things: 1) For most people, taking a foreign trip requires careful planning and lots of savings. These trips are expensive. Accordingly, every little bit helps. 2) For many people, part of the pleasure in travel is the planning. How to get the cheapest flight or the best hotel for the money. Or, how to minimize the weight of your luggage to the smallest amount possible. For these folks, it just is part of the entire experience to explore which cards provide the best deal. Although we might like to think we fall in the first category, I suspect most of the people who regularly post here really are in the second category.

And we for one (two) have another take on this fee issue. Yes, they may be small as measured against the cost of the trip and I know somewhere along the away I have posted here such a comment that given the cost of a European trip if avoiding an extra few bucks spent is that significant financially then perhaps one should not be taking the trip. But WHY do we need to give extra funds needlessly to places whose sole business function appears to be to extract whatever payments it can from folks while not providing any additional services? Why do we need to support business models such as this when we can support businesses that treat us fairly?
We can afford these fees - but then, why can't we do business with a place that does not rip them from us, and instead afterward give this money to some deserving charity that needs the money, rather than corporate profits?

I also think we might be talking apples and oranges. There is not only one Capital One card. Capital One has many different types of accounts and cards. We have a High Yield Cap One Money Market account. The card that comes with it is only an ATM card - No VISA or Mastercard or any other logo on it. It's a member of the PLUS network. We used this for our last trip, in 2008, and didn't incur foreign transaction fees OR ATM fees. (I just took a look at our 2008 monthly statement from that time.) We were careful not to use ATMs that did not have the PLUS logo displayed. And the account rep I spoke with a couple of days ago told me that our daily limit would be $600, not the limit it used to be. I don't know if that's because we've been with them for a certain number of years, or if it's across the board. Lisa, I agree that Capital One probably does not make sense with the parameters that you've laid out.

Sooo...if/when one of these kids loses their passport, I vote for leaving them there and calling their parents to let them know where they are and why they may not arrive as scheduled back in the USA... (gazing off, wistfully...) 'Back in my day'...(which wasn't THAT long ago) if we were told to wear a blasted moneybelt or we no go-ey to Europe, we'd have worn our moneybelts. Very simple. When I go to the Capital One website, the only option available to me ('my zip code') that would fit your needs is to open a "High Yield Money Market Account". There is no minimum amount of money required to open the account, and to quote them: (cont.)

(cont.) "Note that money market accounts have different rules for withdrawing funds than a regular checking account. Withdrawals by online transfer and check are limited to a combined six per calendar month. ATM withdrawals are limited to $500 per day, with no monthly limit on how many times you use the card. Capital One does not charge a fee for ATM usage, but the ATM owner may. Please read your disclosure for more details." Of course there's no 'Capital One' ATMs in Europe; it's not a European bank (sounds like the Wells Fargo guy who told me there were "LOTS" of WF ATMs all over Europe - ATM machines that actually said Wells Fargo on them...and they came with NO FEES! I told him he really shouldn't drink on the job...) Maybe they should get simple checking accounts in town; for the few extra bucks they're going to spend on potential out-of-network ATM fees and perhaps getting hit with $3-5 per ATM withdrawal, it's not worth getting worked up about. Trust me, you have PLENTY of other things to be stressed about; I'M stressed FOR you...And they won't get ANY of their money if they don't tell their banks about their trip beforehand. I don't know who you spoke with on the phone, or what they thought you were looking for, but I can't find ANY product on their webpage that resembles anything they were talking about...

Regarding my earlier post, thanks for the clarifications about credit unions. I was not aware most were now open to the general public. I still really don't get the obsession. I understand finding a bank with the best customer value and no/low fees, but I don't understand why it takes a European vacation for some people to realize big national banks charge lots of fees and have poor service. And reading some of the posts, most people seem content with that until it's time for a few week vacation and then they're willing to spend time and effort to open a temporary account instead of simply changing to a better bank.

Well, I'll respond to Douglas - I don't have a problem with my bank, the (apparently) hated Wells Fargo. It's been very convenient for us, and we don't pay for anything...until we get to Europe. Then, we pay a bit for the act of withdrawing and charging, but not enough to get worked up over. We also get a couple of free ATM withdrawals because of our particular account, and they sell Euro at the best rate I've seen, except ATM rates. I'm not changing banks to save $10-15 (or so...divided b/n ATM and credit cards; depends on the trip). Now if I traveled there several times a year for extended periods of time...yeah, I'd probably start sniffing around for something better. We also have a credit union account that offers free ATM use, so we take 2 cards for each account (WF & credit union).

And we too have gone to a lot of effort here to avoid unnecessary fees (and for that matter unnecessary interest charges -how many here run interest on their credit cards instead simply treating them as a cash substitute and paying them off completely monthly?) so why should we make the banks richer because we are traveling.
We too are with the hated Wells Fargo - not by choice, but because the same bank account we opened in 1979 has been taken over so many times. Fortunately for us, our starting bank was big enough with enough customers that our excellent package has been grandfathered with every takeover. We'd leave in a second if this fell apart, even though it would be inconvenient on several levels to have to change banks. As I said - it's not the expense, it's the lining of other people's pockets unnecessarily. We have worked very hard for our money. Shouldn't WE be the ultimate decider in how it is parceled out? Isn't this what free enterprise and what a free market is all about? anyone out there is free to charge what they want. And we are free to not pay it. If enough people do not do so, then the price will be driven down. If people do not care or are too lazy, then it will stay up. Fortunately, not all the business models are following this. Using Capital One as our regular bank is not an option we need a bank that is here physically (e.g., where is their safe-deposit box?), and has an ATM network that we can take advantage of. It is not a temporary device for vacations, but simply another part of our financial set-up. I agree that what it offered was not needed until we first went overseas, and it was at that point that it became apparent that it was needed.

I don't mean to hijack the thread and the OP has a unique situation. I was just commenting in general since there are so many threads on this topic at any one time. And Larry I agree with you, it's just that some people seem to be looking for a temporary account just for a 2 week vacation all to save a whopping $50-100 on a $4,000+ trip. If people want to spend their time doing that, more power to them, I just could think of so many better things to do...

As far as why a separate account, well I did it so that if someone fraudulently uses my account it isn't a big deal to freeze it. It only has enough for my Europe trip in it. That is it. If I used my regular account, then if something happened and my account was frozen then all my automatic payments would have to be redone and there is a lot more money to lose there. Plus, any amount I can save is great. I still use coupons. Christine

Someone mentioned banks finding ways to move money from your pocket to theirs.. Bank of America received a federal government bailout of $1 trillion (your pocket) and last year made $4.4 billion in profit. It paid no U.S. taxes and claimed a tax benefit of $1 billion (their pocket). What was that old adage being thrown around in a thread last week about paying more to jump ahead in line: That's capitalism for you? Stick with your credit union.

Christine has put out an excellent additional point for doing this. As for the tax issue raised, that is a whole other can of worms. Do we really want to get into that here? It could get really nasty fast! I know where my household stands on this issue - our current tax structure here in the US is outrageous. The more you have, the more you can avoid taxes. I'll readily admit as to how disgraceful it is that my household pays almost no income tax because we are able to maximize our income deferral (403b, deductible IRA), can afford to have tax-free bonds for the long haul, can afford to receive dividends that are untaxed, and we also took advantage of the 3 full American Opportunity credits for our kids in college last year. We are privileged upper middle class, so we don't pay. This is wrong, wrong, wrong. However, we do not feel altruistic enough to voluntarily make additional payments. Now if the entire tax code were to be seriously corrected to realistically tax what people earn...

If you're only going to London and Paris, you might investigate Bank of America. From their website on "international atm": "Bank of America is a member of the Global ATM Alliance. The Global ATM Alliance is a group of financial institutions that have created the world's first international ATM Alliance."
You can withdraw from a partner ATM without paying a US bank ATM fee. You still pay the 1 percent international transaction fee. They also have partners in Italy and Germany if you're traveling there as well. It has worked well for me on a number of trips. Good luck! and try to have fun...

BTW - just received a new ATM card from Cap One in the mail. They are switching from PLUS to CIRRUS, and also have raised the daily limit to $600. This on the High-Yield Money Market account. No ATM fees. Others here can tell whether the transactions "cost" will be the same with CIRRUS as PLUS.

In regards to why people spend so much time finding the "perfect" bank to travel with, it is sometimes not just saving a little bit of money. I have Wells Fargo and was told I would be charged $5 per ATM withdrawal plus 3% transaction fee, so if I had to take money out every other day of my 2-week trip, I'm looking at $100 out of my pocket and into Wells Fargo- why? Just because I don't want to take the time to find a bank that I don't have to pay for them to make money off of my money? I'm also sick of having to find a Wells Fargo/Wachovia bank while I'm traveling locally, just to avoid ATM fees. I second Ally bank- NO FEES for any ATM anywhere! In Europe, I'll just have to pay the 1% Mastercard transaction fee. Also, NO FEES for anything else AND my money earns interest in the checking account. I was watching the show, "In Debt We Trust," and couldn't believe the couple who mindlessly paid all sorts of bank fees every month. There are better options out there. Oh and Douglas- That's great you can find better things to spend your time doing than finding a bank that you have to pay for. I can find better things to do with my money than throw it away.

And what does Wells Fargo do with all that cash from kicking people out of homes and sticking it to their banking customers with tons of fees? Well, they just posted a Q1 profit of $3.8 billion – up 48%. Oh yeah, when they still owed the government $25 billion from their bailout funded by you and me, they gave their CEO a $5 million raise and a $3.3 million bonus. Did he really work hard and earn that money? Did he really add that much more value to our society compared to the pipe fitter or family doctor in his own home town? The next time you get hit with a $5 ATM fee from Wells Fargo or Chase, just remember where that money goes, and ask if the CEO needs it more than you or your neighbors do. Sorry for the rant, but I can't help myself sometimes.

Michael and Jamie -Here, Here! And this is why we have to have reduced taxes for the rich and for businesses. So as to help the economy. At least I have one last laugh on Wells Fargo. They acquired my small mortgage when we moved in 2005. Mind you, we already owned the prior house outright and could have paid cash, but decided to borrow the difference plus a little extra. When rates fell in late 2008, they gave me a recast offer, and then pulled a nasty bait and switch. It just so happens that along with our purchase we were able to get for free a nice big equity line of credit from Wachovia (who had acquired our prior bank who had acquired our prior...). Which was now charging 2.75%.So we got the payoff, and paid off the mortgage at 5.87 with Wells, and are paying 2.75 to Wachovia. The rate has remained the same since 1/09, and we are paying as if it were a 15 year fixed loan at 5%. We will probably clear it at the end of 2014. So the laugh? This of course is now being paid to Wells Fargo. It's a shame, but we are in the Philadelphia suburbs, and the ATM package there is really useful, and we have the equity line, and our kids accounts are set up through this, and a free safe deposit box, so it would unfortunately be a royal PITA to leave. If Wells changes policies, we will be gone. And I think they realize they will lose a lot of customers here and will leave this alone..

I opened a capital one checking account to get the debit card for a trip to Europe in Sept. The fine print on the website does indicate that refund of atm fees is for banks in the US and "some" banks outside the US. I was under the impression that my foreign atm fees would be reimbursed up to $10 per month. I'm not happy about paying ATM fees for my trip this fall. However, the card does not charge a foreign exchange fee, which could be far higher than the ATM fee: http://www.capitalone.com/directbanking/online-checking-accounts/interest-online-checking-account/debit-card/?linkid=WWW_Z_NDB_A0B0C0D0E0_SP30_C0_02_T_SB30D

I spotted this article in Sunday's New York Times Travel section. It offer more comment on credit cards and Europe. http://travel.nytimes.com/2011/04/24/travel/24praccredit.html?ref=travel Pam

Ok, here is what I found out this weekend about Cap One. The savings account that does not charge any fees is the Cap One High Yield Money Market Account. It comes only with an ATM card and you pay no ATM fees. This can only be opened online or by telephone. The regular savings account (which I opened) comes only with an ATM card and charges $2 per usage at the ATM machine. It is limited to withdrawals of $400 per day. You are limited to 6 withdrawals a month. Anthing after that you get charged a fee of $10 for excessive withdrawals. This is opened at a branch. An adult must open an account in their name and add the child on as a minor. That is the only way someone under 18 can have an account. The Cap One CREDIT CARD does not charge any international fees and has a very good conversion rate.
Since we are going to London and Paris for 12 days, I decided to open this account. It is a separate account from my normal banking as I too do not want to lose everything if my card or number does get stolen, etc.

Hey everyone,
Yes, it is me again. I am majorly confused. Do you need to have a checking account to use the ATM machines in Europe? I have set up a savings account and got an ATM card. Just read somewhere on here that the ATM machines in Europe only withdraw from a checking account and does not give one a choice to use a savings or a checking account. I do not have a checking account, only a savings and want to be able to get cash out. Should I now open a checking account?? Thanks, this is so confusing......................

I have seen some ATMs that ask what kind of account you want to use, but that's certainly not common. It seems that Cap One may offer different accounts in different areas. I have an Interest Online Checking Account for travel - no foreign transaction fees, no ATM fees, reimbursement for other banks' fees up to $10/month (and they did reimburse on my recent trip). @Douglas - $50-$100 is a significant amount of money to some people. Taking care of amounts like that may add up to the difference between traveling or staying at home (I just dropped my cable TV service and am watching TV on my computer, saving $80/month). And the longer the trip the more important it is to keep the fees down. Not only do I not pay fees for my Cap One account, I get 1% interest. Big difference from using my Wachovia-now-Wells-Fargo account!

Lisa, I have only ever read of people using cards linked to a checking account. Absolutely required .. I don't know, but thinking back, it's all I've ever read .. and what I've used and worked for me. I have the Cap One money market .. it's a checking account .. and as you write, no fees for use in Europe at bank ATMs. Best to you.

hi again, Lisa, I just remembered that when I tested my Cap One money market ATM card before leaving on a trip, my local bank ATM asked what type of account, and I did have to indicate 'savings' but it's an account that allows writing a few checks, so I would also term that a checking account and I can definitely write that it worked on my trips .. and that is the pudding that counts! Cheers. ps: I've not yet seen an ATM on my trips that asked about the type of account