[Idyllchat] Credit Card/Cash Card - No Fees??

Wed Apr 4 09:07:56 EDT 2007

Hi.
  We are first time Untourists, traveling this summer to Switzerland.  My research has revealed that my credit union charges one percent for the currency conversion versus three percent for my bank (Chase).   Zero percent is even better but since I don't have a Capital One Rewards card, I'm willing to pay the one percent.  
  We found out in London a few years ago that the ATMs there did not give you a choice of making a withdrawal from checking or savings.  The money came out of our checking account by default.  Luckily the bank did an automatic transfer to cover the withdrawal.  This time we'll make sure we have sufficient funds in the checking account.

Walt Slazyk
wslazyk at luc.edu

>>> Russ Crum <rrcrum at sbcglobal.net> 4/3/2007 6:45 pm >>>
Pete,
Yes, I have an ATM card that does not charge any fee for ATM use. It is with my credit union (Community Financial) here in Michigan. My own credit union never charges me for any ATM uses either here in the US or in other countries. Since it is a credit union I do have difficulty finding ATM's here in the US that won't charge me for use of their own ATM. However, I have never been charged a fee by a local bank in Canada or Europe. I have used this card in Europe in The Netherlands, Germany, Switzerland, Austria, The Czech Republic, Spain and Italy. 
The credit union claims that they do not tack on an exchange rate fee. It is almost impossible to know for sure because you would have to know the interbank currency exchange rate for the exact date of the transaction. I have compared the exchange rate on an ATM withdrawal with the exchange rate on credit card purchases made the same day and the rates are almost identical. However, the credit card company (Citibank) always has a separate "international transaction" fee tacked on at the end of the statement.
I have never used my credit card for cash advances although I have it set up for that in case of an emergency. I know from reading the terms and conditions for my credit card that any cash advance is a loan and incurs ridiculous interest rates from the date of cash withdrawal.
I might add that I have been gratified that I have never encountered either my ATM card or credit card being refused when traveling. I have always notified both of them before each trip as to the exact dates I would be traveling and the countries. I know some people have run into problems even though they have notified their banks.

Russ Crum
rrcrum at sbcglobal.net

On Apr 3, 2007, at 19:15, haggart wrote:

Hi "Chatters"

I know this is an old question, but since banks keep changing the fees they charge, I thought I would ask anew and see what personal experience has taught this group of savvy travelers!

It is a two part question:

1. Do any of you have a cash card (ATM use) where the issuer does not charge a fee for transactions at foreign ATM machines - OR charges only a nominal transaction fee - AND does not add a fee for conversion of dollars to Euros?

2. Do any of you have a credit card (regular charge card - not using it for cash advances - but for purchases) that does not charge a transaction fee and/or conversion fee for foreign transactions.

Thanks for your ideas and suggestions in advance. 

Euros are already killing us financially in Europe so we want to avoid even more expenses on our Untour this fall!

Pete
in Moscow

Peter and Margaret Haggart
haggart at moscow.com

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