Foreign Transaction Fees

Or more. Just don't try bringing any Euros back and expect a local bank to give you a break on their conversion rates.

Chunk Chase.

I do not understand why people still bank with Chase, BoA, Wells Fargo and the like. Credit Unions have rendered those money-grubbing dinosaurs completely obsolete to me.

Even at 3% it is still a better deal than you will get exchange dollars in Europe. Remember a bank in Europe is no more interested in changing dollars than a bank in the US is in changing Euro. It is expensive for them to do so they will charge accordingly. When you get back shift to a credit union or somewhere that doesn't charge as much,

Some credit unions have better rates, but not all. You should also check out the bank run by Schwab. Schwab's credit cards don't charge the foreign transaction fee.

If you are leaving next week you don't really have time to switch to a credit union because they can't immediately issue new cards (though that would be my recommendation, too), and you'll be gone before they can arrive in the mail. Yes, you will be charged a conversion fee in France, but that looks like your only option at this point. For future trips, though, definitely look into credit unions instead. One of mine charges 1% and one charges absolutely nothing for foreign ATM withdrawals.

You are probably too close to your departure date to make banking changes now - too bad. I asked at Wachovia (now part of Wells Fargo) and the charges were 3 percent plus $5 for each transaction. I hurried up and opened an account with USAA. USAA charges one percent and no fee. I spent a total of $11 in transaction fees. It would have cost me $93 for the same activity with my old bank.

I got tired of paying a $5 fee on every withdrawal, so I opened a money market account with Capital One's online banking and got an ATM card. No limit on the number of ATM withdrawals and no fees. Now I take just as much f/c as I need instead of trying to take the maximum amount to reduce the fees. Love it and the interest rate is better than my bank pays.

Chani in Tel Aviv - Thanks for your post. Based on your information, I researched the Capital One money market account and have put in an application for it. I already have a Capital One credit card, which charges no foreign transaction fee (well, technically they charge a 1% fee, but then they waive it). While you are right that the money market account has no monthly fees, minimum balance requirements, or ATM fees, people should be aware that this does not mean there will be no ATM fees whatsoever. The bank that controls the ATM from which money is withdrawn will still charge a fee. But at least Capital One doesn't add their own fee on top of that (unlike so many other banks). Thanks again for your post.

Mike, the ATM which owns the bank from which the money is withdrawn does NOT charge a fee if the bank is in Europe. US banks charge if you use an "out-of-network" bank, but not European banks. I have traveled all over with my credit union cards and been charged nothing, or 1%, depending on which card I use. But the European bank doesn't charge.

Schwab Bank is great for ATM withdrawals for cash. But they no longer offer a credit card. Note also that in the past year or so they reduced the daily withdrawal amount to $1000. ** I got the Capital One card for credit purchases. ** If you are going to be gone for a long time, or gone across the time when a bill is due: I always prepay an amount into the credit card to create a cash balance to make sure I won't incur an interest charge. It also gets you around any credit limit on the card. BUT it may not get you around the interest charge for cash advances.

,,,,,,The bank that controls the ATM from which money is withdrawn will still charge a fee.,,,,,, Just to reinforce what Nancy posted, that statement is only true in the US. The usage of an ATM terminal in Europe is free and, I think, there are local statutes that prohibit charging fees by the ATM owner. However, your US based card issuer is free to add any charges they wish and they do.

Another vote for the Charles Schwab Bank debit/ATM card (VISA logo). It has worked great in all the countries we visited. Withdrawal fees (if any) are rebated by Schwab. Also, while the daily limit is $1,000, it can be increased in an emergency by calling the bank.

I left Chase 2 years ago for exactly that reason. I researched banks and settled on a local bank which has no foreign transaction fee. I let them know why I was leaving, but they didn't seem too upset about it.

I also just opened an account with Schwab Bank. It'll be interesting to see how it works. I'll report back upon our return the end of Oct.

Chase's charge of 3% plus $3 is not the end of the world. A withdrawal worth $400 costs you $15, or 3.75% overall. In the past, European banks charged 5% or more to exchange money. I am not familiar with France, but the oft recommended London exchange places generally charge 8% or more, although bargain places can be found. Unless someone knows of a bargain French exchange bureau your Chase ATM card will still be cheaper and less hassle. Use your credit card for purchases (not cash advances, when possible, assuming it offers better rates. Shop for a better ATM card before your next foreign travels. Instead of thinking of the lucky card holders that get better rates than Chase offers, be thankful you are not a Wells Fargo customer paying 3% plus $5.

After reading all this I just opened an account at a credit union as a supplemental account.