Stop Paying Killer ATM Fees

[bobg]

I stumbled onto this thread and have been reading it because ATM fees, especially the foreign currency transaction fee, really irritate me. So after reading so much praise for Schwab I went to their web site and found the following footnote:

Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa® Platinum Check Card wherever it is accepted. ATM fee rebates do not include currency exchange fees; fees imposed by merchants for POS transactions; or fees for stamp purchases, balance inquiries, or any transactions other than for an ATM cash withdrawal from your Schwab Bank account.

​

Bob

 

[Bailey Essrog]

Hi Bob, like I said in my previous post, I was told by Schwab customer service that the foreign transaction/conversion fee per ATM cash withdrawal is .01% of the total withdrawal amount. That is a pretty insignificant fee if you ask me. As for the fee on POS transactions, I don't plan on using my Schwab ATM card for anything other than to withdraw cash anyway, so I am not too concerned about these other fees. For POS transactions, I will be using my Invest First credit card, which I am told has zero foreign transaction/currency conversion fees.

Of course, don't quote me on this; feel free to call Schwab customer service and they should answer all of your questions even if you aren't a customer. Just dial their 800 number on their Web site and press "0" and voila, you get a live rep!

Good luck.

 

[jonnytownmouse]

15 pesos now. Bastards

 

[SaraSara]

... I was told by Schwab customer service that the foreign transaction/conversion fee per ATM cash withdrawal is .01% of the total withdrawal amount. That is a pretty insignificant fee if you ask me

So much for Schwab being totally free - sounded too good to be true.

My bank also charges a .01% fee - quite reasonable, I think. But for five blissful years I paid nothing at all to withdraw money in Uruguay and Argentina, while paying three dollars per transaction at other banks' ATMs in the US.

Sadly, that particular free lunch ended about a year ago.

 

[RogueTango]

I called Citibank and they reversed all of my "foreign fee" charges. They really had no explanation for the charge other then it was the fault of the South American partner. In addition, they advised me (knowing already) that other banks in South American charge foreign fees-and to avoid them as Citibank cannot reverse those charges.

Thank you thank you! I will call them now.

 

[Nolan]

I've been searching here, thurr, and errrwhere, but can't find which Canadian bank is best for limiting -- or out-right avoiding -- ATM fees.

I'm set to visit my BMO branch tomorrow afternoon, so if anyone can equip me with the proper knowledge before then, I'd be quite inclined to thank you.

Also, I haven't looked into this, but if anyone knows the ease with which a Canadian can open an American account, that'd be useful too; i live 15 minutes from Buffalo.

Or live so close to the edge that ATM fees have a serious impact on your standard of living.

Easy there, ya big ole douche. For those that pay income tax, a penny saved is two pennies earned. If you're surrendering 3% for conversion fee and then paying 2.50 (or whatever it is) on each withdrawal..shit adds up.

 

[STELLA53]

Bank fees are often misunderstood.
Foreign currency transaction fees were recently the subject of a massive class action against Visa, Mastercard, and several others incl. large banks. See www.ccfsettlement.com.
Visa and Mastercard, the clearing houses for foreign currency transactions, charge cardholders about 1% on top of the wholesale exchange rate for making the transaction. Most cardholders would be unaware of it because it is not segregated out or otherwise identified on the monthly statements of account. The class action settlement (still pending on appeal) requires the clearing houses and card issuing banks to more clearly describe the existence of these fees which are and will continue to be buried in the fine print of the seldom read disclosure statements cardholders receive when they open their accounts and occasionally reiterated in monthly statements. Technically I believe the 1% is collected by the card issuing bank on behalf of the clearing house.
In addition to the foreign currency fee charged by the clearing houses, card issuing banks will often impose their own separate foreign currency transaction fee for all transaction with merchants and or ATM withdrawls. This may often be between 1-3% of the transaction amount. Savvy consumers should shop around for card issuers who minimize this fee or do not charge it at all. Capitol One bank and affinity debit cards issued by Schwab and Fidelity I believe do not charge a fee.
In addition to the fees charged by the clearing houses and card issuers, the local ATM owner will charge a fee. This is the current 16 peso fee charged by the Link and Banelco systems. I suspect a certain % of that fee is shared by the ATM owning institution. Fidelity, Schwab and Cap One card holders can have these Banelco/Link fees backed out of their acct, but there are sometimes limits to the amount of fee reversals per annum. Fidelity allows me $225 of credits for the Banelco/link fees. Not sure if Cap One or Schwab have limits.
Of course, cash advance fees, incurred when using a CREDIT card to get cash from an ATM has a separate stiff fee of at least 3% on top of all the other fees. It is not a good idea to use a credit card to get cash from an ATM.

 

[Mahara]

I have posted this before elswhere but I will repeat it again here. I have a HSBC premier account, they charge me no ATM fees on my debit card, no commission, and their exchange rate is better than any I can get elsewhere in the UK.
They still hammer me however if I use my credit card.

I understand you must put in $500,000 with the bank to get a Premier Acct. That's how it was in Canada a few years ago.

 

[tangobob]

I understand you must put in $500,000 with the bank to get a Premier Acct. That's how it was in Canada a few years ago.

If I had $500,000 belive me I would not be working night shifts next week, but I would be tangoing in Buenous Aires.