Anyone Found a Good (Cheap!) Debit Card for Use in Switzerland ATMs?

This information is all over Rick Steves. But in short (but a run-on sentence), a Schwab or CapOne account will do fine, you can transfer your money electronically from your regular bank to the account, they do not charge any fee for ATM withdrawals, the friction on their network on the cost of your money is between zero-point two and zero-point six percent (as long as you have withdrawn the money in local currency and declined the friendly request of the foreign ATM machine to process the withdrawal in dollars at their bad conversion rate), the Schwab cards are also chipped so they can be used for ticket and toll machines and such, if this is a joint account you can each get an ATM card which will have different numbers so that the daily withdrawal limit ($600 for CapOne, $1000for Schwab) applies to each card separately. We have both cards and they have been used in 14 countries with 9 different currencies, and there has never been any problem.

Do you have access to a Federal Credit Union by virtue of your job (former job)? Look into it - they're not non-for-profit, unlike banks. My credit union charges 1% for each withdrawal, no other fees or monthly minimums.

I have a Capital One 360 Debit MasterCard. Zero fees. And I really mean zero. The exchange rate you get is what Google shows. Even the 1/2 to 1% network fee is not passed on to you. Just make sure you get the 360 account because some of the Capital One accounts do have fees now. You can withdraw $1000 per banking business day with this card (provided of course you have the funds in your account).

I have had the account for 15 years and the card has worked in every bank owned and operated ATM everywhere I have been in Europe. I have never attempted to make purchases with the card as I prefer paying cash for things while in Europe and I have a couple different credit cards that also have zero fees, so I can't say if it works well for that. The account can be easily opened online and funded through free funds transfers. There in no minimum required to open the account and as long as you have at least $1 in it it will remain open. The free funds transfers allow me to keep only what I need in the account for the moment and move money from my main bank account (at a different bank) in as needed. The account is managed completely online and I have never actually talked to a person or gone to a branch to do anything.

It is a good idea to take multiple credit and debit cards from completely different banks with you when visiting Europe, even if you don't plan to use them. Why? A card could get lost, the ATM could swallow it and not return it, your bank forgets to note you are in Europe and shuts off the card, and so on. It can take a day or two to get things straight and for the bank to turn a card back on. You don't want to be stuck with no access to payment funds if any of that happens.

First, see what your current debit and credit cards would charge for use abroad. If the fees are low, you may just want to stay with what you have; if they are not, at least you know what the fees will be, for what will become your back up cards.

Second, Agnes is quite right. The best deal for you will most likely be a credit union tied to your being a veteran. Both credit cards and debit cards from credit unions usually have low or no fees. Some of these credit cards are even true chip and pin!

Third, another bank besides Capital One and Charles Schwab that has good deals is TB Bank TD Bank. Their Convenience Checking account ($100 minimum) charges $3 and no other fee for each foreign withdrawal, and their Premier Checking account ($2500 minimum) charges no fees at all for foreign withdrawals. I have no connection with them, except as a satisfied customer.

Fourth, while I'm sure it's possible, I have yet to see any card that had different fees for different foreign countries. The fees for foreign use are the same for all foreign countries, including Canada and Mexico. So, a good deal for use in Switzerland will be a good deal everywhere.

As a veteran you should qualify for the USAA credit/debit cards. No ATM fees.

I assume Harold means TD Bank, and it's just a typo. I'm a customer, and his description of their levels and fees sounds accurate. But I don't know how widespread they are. I only have an account with them because Toronto Dominion (TD) bought my local bank.

cmi, if you're on the tour, most of your big expenses are covered, so you may not need as much cash as you think. May not make enough difference in fees to make it worth the effort to open another account somewhere for just one trip. I use the same d-card I use at home, from my local bank.

PS someone correct me if wrong, but the exchange rate is not dependent on the bank, its on the network (VISA, e.g..) not set by your bank, so that is not a factor.

stan,

You are correct. The networks (Visa, MasterCard, American Express, etc) set the foreign exchange rate and the transaction amount is pre converted before your bank gets the transaction to approve. They use a rate that is close to if not the same as what is called the interbank rate. Your card issuer is not allowed to change that rate from the network and no bank no matter how large they are gets a different rate. The networks add in a fee of 1/2% to 1% charged to the card issuer, and that is required to be reported separately on your statement if your bank chooses to pass it onto you (many don't pass it on). Your card issuing bank is of course free to charge whatever additional fees they want.

Robert: good catch! Yes, it's TD Bank, and no communicable diseases are involved. I've emended my post.

They're only in certain areas, but since the OP didn't say which small city he lived in, I'd thought I mention them in case they are nearby.

Mike,

As you haven't been to Europe for 45 years, one other point to mention is Dynamic Currency Conversion (DCC). This may occur either with ATM withdrawals or credit card purchases. In both cases if you're offered the option of completing the purchase in your home currency or in local currency, always select local currency. If you have the purchase amount converted to your home currency at the time of the transaction, you'll get nicked for an extra few percent which goes to the merchant or banks.

Also, don't forget to notify your financial institutions and credit card firms that you'll be travelling, so they don't "freeze" your cards.

I can't specifically answer your question about which card is best, as my choices are different. However, I just use the same credit union ATM card that I use at home, along with several credit cards.