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Home > Miffed about foreign ATM transaction fees

Miffed about foreign ATM transaction fees

February 25th, 2007 at 04:28 am

Trying to figure out a way to beat them, but can't.

When withdrawing money from an ATM overseas you get charged: 1% by Visa/Mastercard + 3% by your bank (citibank, chase and most) + ATM fee from your bank for using another banks ATM, plus the foreign bank's fee.
This is crazy. I thought I was doing well by withdrawing maximum allowable amount and therefore reducing fees... but I did not know I was still paying 4%, since it is build into the conversion -- and they don't advertise doing this.

It works out to a lot of money over the 15 months I spend abroad in the last 3 years...

If you buy currency, it does not seem better. For 7.75 exchange rate you get 6.6 in reality.

Posted in Uncategorized | 1 Comments »

1 Responses to “Miffed about foreign ATM transaction fees”

  1. LdyFaile Says:
    February 28th, 2007 at 10:54 pm 1172703257
    1172703257

    I don't know that there really is a good way to get around it. Whenever I travel I exchange enough to have pocket money in the States that way if I need other currency before I can change it I'm prepared. I generally pull cash out for all of my planned spending and then find a good rate when I get there to change it. Of course that doesn't work for hotels as much.

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