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extra fees

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Florida
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3,035 posts
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extra fees

I'm sure this has been covered before, but I can't seem to find it. Which credit card does NOT add a foreign transaction fee to charges made while you are overseas? And which bank does NOT charge extra for ATM withdrawals overseas? Or did I dream that up?

somewhere out there
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1. Re: extra fees

All CCs add a fee though the only one I know of that charges a lower fee is MBNA, mine is through AAA.

I am sure other banks have agreements too, I have Bank of America which has an agreement with Barclay's, so no fees at ATMs at Barclay's branches which are everywhere as one of the larges banks in the UK. There is also an agreement with other European banks if you are going there too. BNP paribas, in France; Deutsche Bank in Germany.

Hope that helps.

Texas
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2. Re: extra fees

Just to add a little info. Bank of America does have an agreement with Barclays, but it is only for no ATM fees, usually around $2.00. You will still be charged 1% of the U.S. dollar amount that is taken. After speaking with B of A, it is best to use ATMs for withdrawls. Point of sale purchases with your debit card will lead to a 3% charge like other credit cards.

Washington, DC
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3. Re: extra fees

MBNA used to charge no foreign currency surcharge, but they started charging a 3% fee this year. According to a Washington Post article last week, Capitol One is now the only major US credit card issuer that still doesn't charge a foreign transaction fee. Many small CC issuers, like credit unions, don't have a foreign currency surcharge. Credit unions also tend to charge no fee for using their ATM cards to withdraw cash from non-owned banks--my credit union, for example, allows four free withdrawals from other banks per month.

Detroit, Michigan
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4. Re: extra fees

Until recently, most credit card companies just passed along a 1% conversion charge from VISA/Mastercard. But now, nearly all the major US credit card issuers have tacked on an additional 1 - 2% to boost their bottom lines.

I ended up getting a Visa from a local credit union to use overseas because they are still just charging the 1% conversion fee. That extra 1 - 2% is annoying on small purchases, but can really add up when paying for large purchases, such as cottage rentals, etc...

We've found that if you are using a bank-affiliated ATM machine in England, the only service fee charged to you is by your home bank. I can live with that, as I only use the ATM 2 or three times during my stay.

London, United...
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5. Re: extra fees

It is the same for me, just my own bank charges a fee for my getting money out of the machine here, I always use Barclay's.

somewhere out there
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6. Re: extra fees

Great user name, Everynameistaken!!

Florida
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7. Re: extra fees

So the best way to save on extra charges is to get a Capitol One credit card for purchases and open a Bank of America account for ATM withdrawals. And/or check with my credit union to see how much they are charging for same. Right?

Washington, DC
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8. Re: extra fees

I wouldn't bother with getting the Bank of America checking account for ATM withdrawals, if you already have, or can get, an account with a credit union that gives you a number of free withdrawals from non-owned banks each month. With a BoA account, you have to use Barclays ATMs in the UK to avoid the fee. With most credit union accounts, you can withdraw money from any ATM without a fee. (Usually credit unions give four free withdrawals a month from non-owned banks; $1 per transaction after that).

Texas
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9. Re: extra fees

Since we are on the subject. Where is the nearest Barclay's to the Marriott County Hall? Thanks!

London, United...
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for London
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10. Re: extra fees

There are Barclay's cash machines at Waterloo tube station and in the mainline station, Westminster tube station, Embankment station, St James's Park station; bank branches at 119 Waterloo Road, at 2 Victoria Street, 366 Strand, 25 Charing X Road, 27 Regent Street and 27 Soho Square.

To name but a few.