My credit card fees have jumped to 3% for all foreign transactions, plus an additional 4% for ATM cash advances. Is this typical?
Posted by
Los Angeles, CA, USA
1003 posts
ouch, I would say that 3% is unreasonable, even though it seems to be what a lot of companies charge. Get a CapitalOne card, they still charge zero fees (a down payment for an agriturismo in italy of 100 euros just hit my card at $132.77 yesterday), ZERO. I think the general advice is that you don't want to use your credit card for ATM withdrawals because in addition to the foreign transaction fees, most credit card companies start charging interest and finance charges immediately upon you using it for a cash advance. You want to use your ATM Debit Card for ATM withdrawals.
Posted by
Tresana, Highlands Ranch, CO, USA
23343 posts
I don't know what is reasonable or unreasonable. After all there is cost associated with the convenience and security provide by a credit/debit card system. It is common from credit/debit charges to be in the range of 1 to 3%, The 3% is not out of line with the charges by most other credit cards.
Posted by
Lakewood, Colorado
19118 posts
The 4% for a cash advance, you have only yourself to blame. Your credit card company charges that anywhere, I think, not just in Eurore. Use a debit card. If you are already in debt, and using the credit card because you don't have money in your account to cover your trip, all I can say is, stay home and save until you can afford it.
As for the 3% ATM charge, the real charge is 1% for both servicing the ATM transaction (½%) and converting the currency(½%). That is what the "network" charges. Major bank (Wells Fargo, Chase, US Bank, et all), pay the network in Euro so they can then charge you 3% on their own for currency conversion (nice guys, heh). Look around for a local bank that doesn't have a foreign currency operation and will just charge you the 1%.
Posted by
Wichita
831 posts