Question
Bank of America just lowered there Exchange Rates for Foreign ATM Transactions to following effictive March 15 2007. Got a letter in the mail telling me of this information.
Bank of America customers can withdraw cash with their Bank of America Check Card or ATM Card without a fee at nearly 16,500 Bank of America ATMs in the United States and at over 12,000 international ATMs operated by members of the Global ATM Alliance. Bank of America may assess a fee for some transactions performed at ATMs operated by others and the ATM operator may charge an additional fee for cash withdrawals.
Depending on what check card you have will deterime your forex fees from BOA.
BOA Regular, Gold and Platium VISA Check Cards. 3% Forex Fee for cash withdrawls from Non Global ATM Alliance. 1% Forex fee for withdrawls from partner Global ATM Alliance machine.
BOA Platium Priority Check Card and Platium Priority Plus Check Card . 1% Forex Fee for cash withdrawls from Non Global ATM Alliance. No Forex fee for withdrawls from partner Global ATM Alliance machines.
Dality cash withdrawl limit on BOA Platium Priority Plus Check Card has been raised from $2K a day to $3K a day.
Btw I have no idea what accounts come with what check cards. I personally have a Platium Priority Plus Check Card for my CA accounts and BOA Check Card for my MBNA account.
In my option if you got a BOA Platium Priorty Check Card or Platium Priority Plus Check Card then this just became much better ATM for cash withdrawls over seas than HSBC or Citibank as BOA has many Partner banks overseas who participate in Global ATM Alliance
Answer
but BOA still has the free withdrawals with partner banks, right.....
like the BOA/Santander Serfin in Mexico where you can withdraw money for free...
and some other ones in China and Europe....it is on their website...
Answer
but BOA still has the free withdrawals with partner banks, right.....
like the BOA/Santander Serfin in Mexico where you can withdraw money for free...
and some other ones in China and Europe....it is on their website...
My understand is there is no ATM fee but there is a Forex fee by other bank. Starting March 15 that currency converision fee will be going down if you have BOA Platium Priority Check Card and Platium Priority Plus Check Card.
This also applies to using your card as a credit card. They are lowering the Forex fee to 1% for BOA Platium Priority Check Card and Platium Priority Plus Check Card.
The reason I am thinking the fee are going down is because if they raised the fee I am sure by law they would need to give 60 days notice and not 15 days notice like I got.
Answer
I believe they refer this FX fee is when you use the check card at point of sale. Personally I never use the check card to make any point of sale purchase, nor use it as credit card, as it makes no sense not to use a credit card instead (for the consumer protection and the float, for example). My check card is strictly used for ATM withdrawal.
I have never see a FX fees on all withdrawals made from Global ATM Alliance machines. The last time I used my BofA Platinum card was in London and Paris - there was no FX fee, nor withdrawal fee as I use Barclays and BNP respectively. Never see a FX fee on withdrawal made with Scotiabank either.
Answer
I have never see a FX fees on all withdrawals made from Global ATM Alliance machines. The last time I used my BofA Platinum card was in London and Paris - there was no FX fee, nor withdrawal fee as I use Barclays and BNP respectively. Never see a FX fee on withdrawal made with Scotiabank either.
I know I have accounts at both Citibank and BOA. Last time I went to europe I compared the rates I got on the same day from both.
Citibank because they own banks overseas must break up the Currency convertion fee by law on your statement I think. BOA does not show a fee at all but ever time I used my BOA card to withdraw cash the exchange rate was lower than the rate Citibank showed the same day. So Barclays is making a profit on currency exchange rate and not BOA. That profit Barclays is now making after march 15 will be lower if you have BOA Platium Priority Check Card or Platium Priority Plus Check Card.
I hope that makes more sense to you now.