suggestions for really good Debit Card for ATM

Okay, I see. I only go to ATMs inside banks or at the very least, located right outside a bank; and I know that my bank, US Bank, charges a lot for ATM use in other countries.

Sarah, Change banks.

Sounds pretty good. In 10 years of traveling in Europe (Germany, Austria) I have never been charged a fee from an ATM over there. However, I have always used bank associated ATMs in airports and elsewhere in bank lobbies. I understand that, just like in this country, there are privately owned ATMs that charge fees. One of my banks, Wells Fargo, used to charge an exchange rate but in recent years, they have not. I think it is a perk of the type of account that I have. A second bank, a small local one without a currency exchange operation, passes on to me the 1% network charge and charges another couple of dollars for using another bank's ATM, just like they do in this country. It totals less than 1½%.

I thought it was your bank, not the ATM provider, that charged fees for ATM use. Which is it?

Real ATMs in europe charge no fees. The 'fake' ones do, plus give a horrible exchange rate. Use one that's bank-associated (or even store-affiliated, with a major brand (Sainsburys in the UK, Carrefour all over the place, etc) and you'll be fine. Hence the first reply is essentially without merit.

I opened a Capital One Money Market account over the phone this summer, and have their Debit Card. The card only says "Capital One Direct Banking", there is no Mastecard tie-in. It is clearly marked on the "PLUS" System. We used it with no problems. If you have a Master Card from them, the structure might be different, and you could erroneously take a cash advance and be billed interest.
I am not charged ATM fees by Capital One for taking my money. As far as I understand, European ATMs owned by banks do not charge a fee at their end. Private ATMs may. I have not tested whether or not Cap One will refund those fees, we have made it a point to always use only a bank's ATM. From what I've seen from posters here, Schwab has a similar policy. My only complaint with Cap One so far is that it takes several days for an electronic transfer that you do through them from an account elsewhere to actually show. They state that your balance is considered good the day after you authorize them to pull from another bank, even if not showing. Their daily limit for withdrawal is $500. The exchange rate that I saw was not quite 1/2 of 1 percent of that date's published exchange rate, which is really minimal. In other words, on our trip the $2,006 worth of foreign currency we took out, based on the exchange rates at that time, debited $2,016 from our account.

A debit card without a Visa or Mastercard logo is an ATM-only card. Such cards are actually safer than debit cards WITH a credit card logo, because they're of no use to a thief unless he finds out your PIN number. On the other hand, a thief can use a debit card with a Visa/Mastercard logo as a credit card, and can make purchases with it without having to know your PIN.

As Larry stated, the Capital One debit card (not indicated as a MasterCard, but with the Plus affiliation) essentially charges no ATM or foreign transaction fee. In reality they charge (or by their contract, they CAN charge) a 1% transaction fee, but if they do charge it, they credit an equal amount back to your account so the effect to you is $0.00. And their exchange rate is very good. You will never get the exchange rate you see in the newspaper or online, but the closer you get the better. And Capital One gets as close as anything I've seen.

You might also check with your local credit unions. My small local credit union charges nothing additional for using a foreign ATM. My secondary credit union card charges 1%. If you open an account with Capital One, make sure you do it well in advance of your trip. One of the regulars here was unable to access their money because their account had been open less than 30 days.

Quite similar to Schwab, Fidelity investments also offers a couple of debit cards. The one tied to to a 'checking account' has free money withdrawals (not sure about the 1% conv fee). The one that is tied to a regular brokerage account allows 5 free withdrawals a month - and charges $1 per withdrawal after that. Definitely beats the exorbitant rates that Wells Fargo charges if I use their ATM for international withdrawals ($5 + 3% transaction)

Brandon,
This may help http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange And don't worry about the exchange rate. It is set by the network, Visa, MasterCard, not by the bank.http://usa.visa.com/personal/using_visa/exchange_rates_faq.html

The exchange rate is only set by the network if they make the exchange. Larger banks that have their own currency exchange operations pay the network in Euro, pound, etc and convert the currency for you at a rate determined by them based on the Interbank rate (usually the max over several days) and collect about 3% for the service. Arnold, Wells Fargo charges me $0 and 0%, at least in Europe. I think it depends on the kind of account you have.

If you belong to a credit union they most likely will have a transaction free debit card; mine does and I use it all over Europe and never ever have had to pay that greedy 2-3% international transaction fee that all those ugly banks charge. If you don't have a credit union, find one to join, it will be the best money saving thing you can do.

There are still plenty of bank owned ATM's at Heathrow. Travelex has not taken over. Except for a few credit unions, Capital One and Schwab are the only national banks that offer no foreign currency transacation fees at ATM's. Capital One and Chase British Airways Visa are the only credit cards that don't charge a foreign currency transaction fee. (Note, Chase only makes the transaction fee free if charged overseas.)

Lee, The networks set the exchange rate then your financial institution can add fees, usually a percentage of the exchange, but they must identify all such additions. See http://www.ccfsettlement.com/documents/mdl_1409_settlement_agreement_1384141.pdf
around page 28.

What is collectively referred to as the "Network" is Visa, MC, Cirrus, Plus, et all. They pay the creditors in Europe in the appropriate currency and collect from your bank. IF your bank deals only in US dollars, the Network collects U.S. dollars at the "current" Interbank exchange rate and takes an additional 1% fee for themselves, for doing the international transaction and exchanging the currency. So, in a sense, they "set" the exchange rate, although it is based on the Interbank rate. Your statement will show the amount of the transaction, in US Dollars at the Interbank exchange rate. Your statement will probably say something like $130 (100 Euro at $1.3000/Euro). Then on another line it will show a charge, $3.90, for currency exchange at 3%. However, if your bank, like so many major ones, has an international currency operation, they pay the Network in the foreign currency, straight up, eg Euro for Euro. The bank probably also pays about ½% as a cross-border transaction fee, which the bank absorbs. The Network has their money, they have nothing else to do with the exchange. Your bank is now free to charge you, in US Dollars, for what they paid in foreign currency. There is some mouse print in your card agreement saying what exchange rate they will apply (usually the maximum Interbank rate during some time period). Note: the network might be using a similar rate, but they don't "set" what the bank uses.

What the linked-to document is, is the settlement agreement for a class action suit in California against some banks that, for a 100 Euro purchase, would just show a charge of $133.90. As part of the settlement, they agreed only to disclose the itemized details of what they charge. They did not agree as to how the exchange rates and fees would be calculated. Note, Section 4, Agreements Regarding Future Conduct
"(d) For avoidance of any doubt, nothing in this Section 4, or elsewhere in this Settlement Agreement, limits MasterCard, Visa, or any Bank Defendant in any way in its Foreign Transaction pricing, including, without limitation, the application, establishment, selection or calculation of any Foreign Transaction Fees, Base Exchange Amounts or component of either."

Lee, The referenced document says: "(iv) (c) (d) (e) If MasterCard or Visa materially modifies its current practices with regard to calculating Base Exchange Amounts, and such modified practices include the systematic use for that purpose of exchange rates selected by it that are outside a range of wholesale or government-mandated/managed rates, then it will require its issuing Members in the United States to change their current Base Exchange Amount disclosures to conform with its
modified practices with regard to calculating Base Exchange Amounts." Basically this means that the network sets the rate close to the interbank rate then the banks use this rate but are free to add on whatever they like for fees as long as they disclose them. For the consumer this means that there is nothing hidden in the exchange rates (this was the point of the suit) so all you have to do is compare fees. Another minor result was the charges were labeled 'foreign transaction' fees not 'currency conversion' fees since the bank was not doing any conversion.

I've been very happy with the debit card (Visa) attached to my Ally Money Market account. The account earns decent (in today's rates anyway) interest and they don't tack on any transaction or currency conversion fees and also reimburse for ATM fees. I use the account as my travel savings account because i earn interest, then I can use the card overseas.

I have been talking with AAA and they have a cash card that you use like a ATM card in foreign countries... You load it at AAA for any amount you want... and they charge about $5.00 to do that, then you can use it as a debit card anywhere you go... for cash or charge.. It is called AAA Vis TravelMoney Card.. see it at aaa.myprepaidbalance.com And this card can be used when you return to the US.You also can reload the card anytime you wish. when making a purchase you use it as a credit card..when using an ATM , use it as a checking...withdrawal.

Chris,
Assuming you can get a debit card I don't see the advantage of a prepaid card from AAA. They charge you to get it and charge you to use it and have a 3% premium on currency exchange.