I'll be studying abroad in Spain next semester and plan on traveling around as much as I can. In order to make my time there are cost effective as possible I was wondering what credit card has the least (or better yet, none at all) foreign transaction fees? Or are there better suggestions about spending money, I would generally like to avoid carrying around great amounts of cash and if I use my home ATM//Debit card I get a $5 fee for every transaction, including withdrawals from an ATM. Help a confused student! Thanks:)
Posted by
Seattle, WA
17397 posts
Jessica, does our college or university have a credit union you can join? They may offer a credit card with low (1%) or no foreign transaction fees, and no ATM fees either (for the ATM card). Otherwise, lots of people recommend Capital One, which has a no-fee credit card. Or there's the Nordstrom Visa card, which has 1% foreign trans. fees and no annual fee.
Posted by
PA
2856 posts
Capital One also has their Hi-Yield Money Market Account, online banking, min balance is low, pays interest, and they do not charge any ATM fee. I think they reimburse fees charged, but we've not been in that position, generally banks in Europe do not charge ATM fees, fees are only charged by privately owned ATMs, but I think I saw somewhere through here that Spain may not follow this rule.
Posted by
Tuscaloosa, AL
1152 posts
Another card mentioned is a debit VISA from Schwab Bank ( not the Schwab VISA credit card that is no longer offered). Schwab charges no foreign transaction fees and refunds any ATM access charges. The bank is also used to having its customers travel outside the U.S. so there is less chance (I hope) for the card to still be blocked if you've notified them you'll be out of the country. I use this account to withdraw money from ATMs and use Capital One when I need a credit card.
Posted by
victoria, Canada
11507 posts
Jessica I would look into changing banks,, those ATm fees are horrible!!.. My bank has a no fee account( with min balance) that offers FREE foreign ATM withdrawals.. I am sure somewhere in your city you could find similar.
Posted by
Bloomington, IL, USA
9371 posts
I second the suggestion of a credit union account. My main one charges nothing additional to use abroad. My secondary account charges 1% foreign transaction fee. And Ally bank (online) also charges 1% but refunds all ATM fees you might be charged.
Posted by
Atlanta
800 posts
Jessica-both my kids have used the Charles Schwab checking account for their study abroads. Easy to open an account, no foreign transaction fees and if you get charged a fee for using someone else's ATM they will refund those fees at the end of the month. We use it for all of our Foreign travel as well.
Posted by
Fort Wayne, IN, USA
2349 posts
What are "great amounts of cash" to you? If you are like a lot of students your age, that could be anything over $20. Are you planning on using your cc for every 5 euro lunch? Do the merchants a favor and carry some real money. Also, carrying cash can help you budget a little. If you decide that you have $100 spending money a week, take that out of the ATM so you can see what you are spending. Swiping that card constantly can disappear your money pretty quick.