Question
Using your debit card at a ATM in a foreign country will be going up starting february of next year. it will be $3.00 fee instead of $1.00 when using a ATm in another country. different markets will be phasing this fee in at different times begining next year. FYI.
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Get a citibank debt card - with certain accounts, they don't charge fees if used at a foreign bank.
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this is the same at chase, if you have a premier account you wont get charged. just letting people know. i have that account with chase, its got some good perks, now even better than before.
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this is the same at chase, if you have a premier account you wont get charged. just letting people know. i have that account with chase, its got some good perks, now even better than before.
what is a PREMIER ACCOUNT?
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I have had a problem in the past with Chase charging over 3% fees on my ATM withdrawals overseas - built into the exchange rate and not identified separately. I don't get charged the flat fee because I am a Select customer (the Premier account).
I thought that it might have been due to my card being a debit card with the Master Card logo since the fees seemed to have appeared only after my ATM card was "upgraded" to include debit features. So I recently had the ATM card downgraded to a plain ATM card with no debit card feature and no MC logo.
However, on a recent trip to Dubai and India, my ATM withdrawals were hit with a separate fee labeled as "INT'L 3.5% ATM W" which I assume is an ATM Withdrawal fee. This was a complete surprise to me. While I am aware of the charges on foreign credit card transactions now being identified separately due to the law suits, this was just a cash withdrawal.
Has anyone had similar experience with Chase? Can anyone explain the basis for this 3.5% fee on ATM withdrawals?
Answer
I have had a problem in the past with Chase charging over 3% fees on my ATM withdrawals overseas - built into the exchange rate and not identified separately. I don't get charged the flat fee because I am a Select customer (the Premier account).
I thought that it might have been due to my card being a debit card with the Master Card logo since the fees seemed to have appeared only after my ATM card was "upgraded" to include debit features. So I recently had the ATM card downgraded to a plain ATM card with no debit card feature and no MC logo.
However, on a recent trip to Dubai and India, my ATM withdrawals were hit with a separate fee labeled as "INT'L 3.5% ATM W" which I assume is an ATM Withdrawal fee. This was a complete surprise to me. While I am aware of the charges on foreign credit card transactions now being identified separately due to the law suits, this was just a cash withdrawal.
Has anyone had similar experience with Chase? Can anyone explain the basis for this 3.5% fee on ATM withdrawals?
Seems that in the past a Bank would just deduct an amount from your acct without having explained in details, how much and why. i guess now they can longer lump everything into 1 amount and must break it down. The old way you never really knew what the Forex rate they were using. Now mabe it will show as a withdrawl of $97.50 and then $3.50 Intl 3.5% ATM W, while the old way it would have been simply a withdrawl of $100
IMO this is worse for the Banks as now you will be armed with the exact costs they charge you so you can now Intelligently shop for a better deal for yourself. Eg AMEX only charges 2% on Foreign currency Transactions while most Major banks charge 3%, BUT AMEX has a worse rate of Exchange so it can still be better to pay the 3% then the 2% at AMEX. (its really MC or VISA that sets the rates). Best is getting a CC that doesnt hit you with the 3% but still only the 1% that MC/VISA charges them.
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Seems that in the past a Bank would just deduct an amount from your acct without having explained in details, how much and why. i guess now they can longer lump everything into 1 amount and must break it down. The old way you never really knew what the Forex rate they were using. Now mabe it will show as a withdrawl of $97.50 and then $3.50 Intl 3.5% ATM W, while the old way it would have been simply a withdrawl of $100
IMO this is worse for the Banks as now you will be armed with the exact costs they charge you so you can now Intelligently shop for a better deal for yourself. Eg AMEX only charges 2% on Foreign currency Transactions while most Major banks charge 3%, BUT AMEX has a worse rate of Exchange so it can still be better to pay the 3% then the 2% at AMEX. (its really MC or VISA that sets the rates). Best is getting a CC that doesnt hit you with the 3% but still only the 1% that MC/VISA charges them.
In the case I discussed in my above posting, it is not a credit card but a simple ATM withdrawal from my checking account. The charges for CC usage have been discussed in detail on Flyer Talk and elsewhere.
I agree that now that the banks are identifying the international charges separately, it will be easier for people to see what the cost is. What really irks me is that bank representatives constantly give wrong information and claim that the charges are from MC or Visa which is of course totally untrue. The latest changes in the charges, particularly those on transactions made in US dollars overseas, is nothing but a greedy grab for more money.
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VISA that sets the rates). Best is getting a CC that doesnt hit you with the 3% but still only the 1% that MC/VISA charges them.
I am not aware of any CC that do not cahrge in additon to the 1% visa fee, are you??