Question
This was posted on Fatwallet thread.
"Just saw this on my Citibank October statement
Foreign Transactions (Point of Sale, ATM, and Other transactions):
Effective December 2nd, 2006, we will impose a transaction charge equal to 3% of the transactionamount (includingcredit and reversals) for each transaction (U.S. or foreign currency) that you conduct outside the 50 United States or Puerto Rico other than cash withdrawals at Citibank ATMs, which will not be subject to a transaction charge"
So I guess you will be able to withdraw cash for free from Citibank ATM except now if you use your ATM for purchases you will pay 3% vs 1% they charged before.
Answer
This was posted on Fatwallet thread.
"Just saw this on my Citibank October statement
Foreign Transactions (Point of Sale, ATM, and Other transactions):
Effective December 2nd, 2006, we will impose a transaction charge equal to 3% of the transactionamount (includingcredit and reversals) for each transaction (U.S. or foreign currency) that you conduct outside the 50 United States or Puerto Rico other than cash withdrawals at Citibank ATMs, which will not be subject to a transaction charge"
So I guess you will be able to withdraw cash for free from Citibank ATM except now if you use your ATM for purchases you will pay 3% vs 1% they charged before.
I think Citi will still charge you 3% cash advance fee for ATM cash withdraw.
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The mean is: Citibank would charge you Foreign Transactions 3% everywhere oversea. Although your purchase is US dollar. Right?
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Does this mean that Citi will charge you 3% to use your ATM card for cash at an ATM other than a Citibank?? In many countries the Citi ATMs are non-existent. If this is what they mean, it's time for a new primary checking account.
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This means if you use a Citibank ATM there is no charge after Dec 2, 2006 at all to withdraw cash. Prior to this date getting cash from ATM ment paying 1% fee and it did not matter if you used a Citibank or non Citibank ATM you paid the same fee.
Like I said bad part is they are increasing thier fee for using debt card from 1% to 3% just like most Visa/MC charge currently for all transactions at non Citibank ATM.
I really dont understand the big deal Daveland as BOA, Wachovia, Chase, Wells Fargo, WAMU and many other banks charge between 1-3% currently and dont have any ATM overseas or way to avoid paying that fee at all.
Only HSBC does not charge to withdraw cash overseas just like Citibank if you use one of there own ATM otherwise you pay 3% also.
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Just as a point of clarification, I assume you are talking about a Citibank card linked to a Citibank checking or savings account and NOT a Citibank AAdvantage credit card, right? I assume that would incur the normal (big) cash advance fees as well as immediate interest.
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Just as a point of clarification, I assume you are talking about a Citibank card linked to a Citibank checking or savings account and NOT a Citibank AAdvantage credit card, right? I assume that would incur the normal (big) cash advance fees as well as immediate interest.
No talking about Citibank ATM which withdraws cash from Checking/Savings accounts.
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I really dont understand the big deal Daveland as BOA, Wachovia, Chase, Wells Fargo, WAMU and many other banks charge between 1-3% currently and dont have any ATM overseas or way to avoid paying that fee at all.
Only HSBC does not charge to withdraw cash overseas just like Citibank if you use one of there own ATM otherwise you pay 3% also.
Bank of America has an arrangement for no-fee (1% currency fee still applies) withdrawals at ATMs operated by Barclays, BNP Paribas, China Construction Bank, Deutsche Bank, Santander Serfin, Scotia Bank, and Wetpac, in their respective countries.
HSBC USA charges a 1% foreign currency fee at all ATMs, including their own, and a $1 or $1.50 flat fee, depending on account type, for withdrawals at other banks' ATMs.
Answer
Bank of America has an arrangement for no-fee (1% currency fee still applies) withdrawals at ATMs operated by Barclays, BNP Paribas, China Construction Bank, Deutsche Bank, Santander Serfin, Scotia Bank, and Wetpac, in their respective countries.
HSBC USA charges a 1% foreign currency fee at all ATMs, including their own, and a $1 or $1.50 flat fee, depending on account type, for withdrawals at other banks' ATMs.
LOL I said BOA/Chase/Wells and WAMU charge between 1-3% transaction fee and no way to waive the fee. So not sure what your point of saying BOA has agreements with all these ATMS in overseas as almost NO ATM machines charge a fee to withdraw cash ourseas except all the USA bank do charge a transaction fee + an out of network fee on top of it for added insult.
As far as HSBC I got the information for HSBC thread on Fatwallet.com so maybe the info on there is wrong.
Answer
HSBC USA charges a 1% foreign currency fee at all ATMs, including their own, and a $1 or $1.50 flat fee, depending on account type, for withdrawals at other banks' ATMs.
I've used my HSBC ATM card at both HSBC and non-HSBC ATMs while abroad and have never been charged a fee, nor the 1% conversion rate.
The debit MC is supposed to have a 1% fee, but I've heard mixed reports on that. No telling how accurate they are though.