using ATM cards

[dinguskhan]

Hello, I found this on another forum and I reposted it without permission, Sorry "Buenos Aires Walks". reposted message follows, "I can't speak for all banks, but Citibank does not charge any fee of any kind for using an ATM card at any bank in the world, nor does it charge any fee for converting the dollars in my US account into Pesos that I take out of the machine in BA. The Citibank "branches" in BA do not charge me any fee, either, for using their machines. I put "branches" in quotes because those places with the nice blue "Citibank" signs in BA are not really branches of Citibank, nor parts of a subsidiary of Citibank; they are branches of an independent bank that has a licensing arrangement to use the Citibank name. It may be that as part of the licensing arrangement that bank had to agree not to charge customers of the "real" Citibank any fee for using the ATMs here. But, even if an independent bank were to charge a fee for using in its machines an ATM card of another bank, it is normally only 50 cents or so; and the bank where the ATM machine is located cannot charge a foreign exchange fee if the money is coming out of an account at another bank. The bottom line is that the exchange rate I quoted -- 3.078 Pesos to the Dollar -- is "free and clear," i.e., no fees of any kind to be deducted."
This is good news for me as a citibank card holder.-DK

 

[igor]

...Citibank does not charge any fee of any kind for using an ATM card at any bank in the world, nor does it charge any fee for converting the dollars in my US account into Pesos

Quote [1]: "Effective Jan 26th 2008 we will impose a fee of 2% of the transaction
amount (including credits or reversals) on all ATM and/or POS debit
transactions (in USD(!) or foreign currencies). that you conduct
outside the US50/PR. Applies to both Citibank and non Citi ATMs".Also stated here in very recent review of currency conversion fees.

If I am not mistaken Citibank used to charge $1.50 + 3% for withdrawals from non-Citibank owned ATMs outside of US.

 

[igor]

By the way in 2006 Visa, Mastercard and major US banks were sued because foreign transactions fees were not properly disclosed and decided to settle. So you can claim a refund of 1-3% of credit card and ATM transactions made abroad from 1996 to 2006.

https://www.ccfsettlement.com/claim/?action=choose

 

[tangobob]

Thanks for the info, but can you tell me if that is US only, or for once will those of us from Europe also get Justice? usually we only get hard luck.

 

[dinguskhan]

My initial response to the upcoming citibank fee's? I would have to say "Gosh,,I feel totally F'd in the A!" or "Darn how disconcerting."

 

[danc]

FYI...charles schwab investor checking reimberses clients for all ATM related transaction, domestic and international. Still no way around a bad exchange rate, but at least every transaction i make is ATM fee free.

 

[PK]

Loved your sentiment Denghuskhan!

 

[z0s0]

You can find credit cards that are completely fee free for foreign transactions.I spent 3 months in Arg/Chile/Uruguay and accessed all my cash through a mastercard issued by "Wizard" in Australia. Never paid a transaction fee, always got the interbank rate with no commissions (not even the mastercard 1.5% one)Could only use the Banelco network ATMs, though (Redbanc in Chile and Banred in Uruguay). Limit per transaction was well above 1000 pesos, too.So shope around and try to find a credit card that will do this for you!

 

[tangobob]

I have just found out that I can withdraw directly from my HSBC chequing account. It is a new account for meI only opened it to use here (I hate the bank normally, but will keep you posted on my experiences)

 

[steveinbsas]

Just bringing this thread back to provide more information for Jord....