ATMs with lowest fees?

Your bank sets the fees for your ATM card. You'd best search for a bank with lower transaction fees and transfer your account.

Rick Steves recently wrote an article posted on the CNN.com Travel section that speaks about this. The article can be found HERE. In the 5th paragraph down there is a link to a Comparison Chart where the fees from a handful of banks are listed to give the pros and cons (note that it is not a comprehensive chart).

More information on the subject can also be found in our forum FAQ post, which you will find HERE. Additionally, as this is an FAQ on this board, even more information can be found via a search (the search instructions are also in a post by Kent that can be found HERE.

Good luck!

IF it is only $5, that is on the cheap side. May will charge that plus a 3% currency conversion fee. By the way, ATMs do not charge fees. All fees are determined by the card issurer.

I think Frank is mistaken. ATM fees can be charged by both the card issuer and the owner of the ATM.

Jeff, the question asked about INTERNATIONAL WITHDRAWS and not US. The are no charges in Europe by owner of the ATMs. I believe there are statutes that prohibit those charges. In the US, it is different and the owner of an ATM can charge for it usage.

ATM owners can indeed set fees (I paid £1.75 just the other week to use a privately owned ATM because I was too lazy to walk down the street and find a free one.) Any ATM that charges a fee must, by law, notify you and give you the option to cancel the transaction.

The only ATMs that charge a fee are privately owned ones in convenience stores and bars etc. No bank ATMs charge, although to my knowledge that is more to do with what the market will tolerate rather than legislation. UK banks experimented with charging for out-of-network usage in the late '90s but it was too unpopular with the customers. I believe there's some EU legislation that stops them levying different fees against foreign cards compared to local cards.

Kelley,
Look at the bottom of this page http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

Capital One Money Market Fund. They charge no fees (either machine or international) and you make a little interest. It takes a few weeks to get the account set up, but it's well worth it.

Thanks everyone; this is all great info.

Much appreciated.