Banks charging overseas ATM fees on clarkhoward.com

You’ve probably been charged a rip-off fee when you use another bank’s ATM machine. Maybe your own bank also charged you at the same time, meaning you were double-dipped on fees. But did you know that charging these fees is strictly an American practice. If you use an ATM overseas, you won’t be charged a fee. But that’s about to change. Several American banks are starting to charge you a fee when you use another bank overseas. Several of the big banks are now charging $5 to use another ATM, and others are as much as $10 per transaction, according to the Wall Street Journal. It’s outrageous because the cost to a bank is almost nothing. The good news is that not everyone is doing it. Some banks won’t charge you anything if you go to one of the banks’ co-op members. If your bank doesn’t offer a reciprocal agreement like this, it’s probably time to dump that bank. The other alternative is to take American money and exchange it for foreign currency. But you shouldn’t have to do that. ATMs should provide an easy, inexpensive way to get cash. If your bank doesn’t offer this option, consider joining a credit union. But it’s up to you to do your homework.

What others are saying

New Fees for Using you Checking Card Overseas
I am traveling on business to Europe. During next 6 months I will spend all but 3 weeks out of country traveling between EU and Russia.

I just noticed new fees on my checking and credit card accts with Wachovia. Each time I make purchase in Europe or Russia they are charging me 3-5 % of the purchase amount and they are calling it “Currency Exchange fee”.

This is new thing to, as I travel often to Europe and use my checking card here all of the time. I know they always charged for using ATMs but this is something new – 3% every time I buy something using my Wachovia – VISA checking card.

I called BB&T, SunTrust and BoA – and they are doing the same thing.

This looks like a classic example of coordinated move to rob customers (similar to the airlines)

On the phone they say – this is actually VISA fee, but I checked and learned that European banks do not charge this – so if it was VISA fee, Euro banks would have to charge their customers.

Imagine this; I traveled with my colleague from Belgium to Moscow. We bought the same $100 souvenir, but I had to donate additional $3 to my bank for “currency transaction fee” and my colleague from Belgium didn’t.

We American travelers are being discriminated against by the very same banks we bailed out with our tax money.

Unbelievable.

Does anyone know if this fee is legal and if there is any bank in US that would not charge this ridiculous fee – so that I can open an acct with such a bank.

Thanks.
By Ned @ 09/09/09 12:01:42 PMreport abuse
currency exchange
my credit union in Atlanta charges a fee to exchange U.S. dollars to another country's money
By mark @ 08/26/09 08:35:24 AMreport abuse

New Fees for Using you Checking Card Overseas

I am traveling on business to Europe. During next 6 months I will spend all but 3 weeks out of country traveling between EU and Russia.

I just noticed new fees on my checking and credit card accts with Wachovia. Each time I make purchase in Europe or Russia they are charging me 3-5 % of the purchase amount and they are calling it “Currency Exchange fee”.

This is new thing to, as I travel often to Europe and use my checking card here all of the time. I know they always charged for using ATMs but this is something new – 3% every time I buy something using my Wachovia – VISA checking card.

I called BB&T, SunTrust and BoA – and they are doing the same thing.

This looks like a classic example of coordinated move to rob customers (similar to the airlines)

On the phone they say – this is actually VISA fee, but I checked and learned that European banks do not charge this – so if it was VISA fee, Euro banks would have to charge their customers.

Imagine this; I traveled with my colleague from Belgium to Moscow. We bought the same $100 souvenir, but I had to donate additional $3 to my bank for “currency transaction fee” and my colleague from Belgium didn’t.

We American travelers are being discriminated against by the very same banks we bailed out with our tax money.

Unbelievable.

Does anyone know if this fee is legal and if there is any bank in US that would not charge this ridiculous fee – so that I can open an acct with such a bank.

Thanks.

By Ned @ 09/09/09 12:01:42 PMreport abuse

currency exchange

my credit union in Atlanta charges a fee to exchange U.S. dollars to another country's money

By mark @ 08/26/09 08:35:24 AMreport abuse

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Dec 10, 2004 -- Banks charging overseas ATM fees

What others are saying