That was so 20th century. Fast forward to now and the little tsunami
of currency conversion charges and credit card fees
that ripple across your bank statement when you return from a trip!
Yes, banks have gotten wise to the big money lurking in foreign currency
transactions by unsuspecting tourists. Not only does your credit
card company take a cut every time you withdraw currency
from abroad or buy a souvenir with your credit card but so does the
issuing bank--at least some of them.
I can't emphasize this strongly enough: even before reserving your
flight, hotel or car call your bank and inform yourself
on their charges for withdrawing currency or paying by credit card
on your Croatian holiday. Not all banks are equal!
Take a look at this chart below for a comparision of charges levied
by major US banks:
| Fee for credit card
purchase made in foreign currency* |
Fee for a debit
card purchase made in foreign currency* |
Fee for an ATM card
withdrawal made in a foreign country/currency?* |
|
| 2 percent charge on point-of-sale
purchases after conversion to U.S. dollars |
No debit cards |
No ATM cards |
| Bank of America |
| 3 percent on point-of-sale credit
card purchases after conversion to U.S. dollars (includes 1 percent
for Visa or MasterCard) |
3 percent on point of sale debit
card purchases after conversion to U.S. dollars (includes 1 percent
for Visa or MasterCard) |
$5 fee and 1 percent of amount withdrawn;
waived if using a Global ATM Alliance machine |
| Citibank |
| 3 percent of credit card purchase
after conversion to U.S. dollars (includes 1 percent for Visa
or MasterCard) |
3 percent on point-of-sale debit
card purchases after conversion to U.S. dollars (includes 1 percent
for Visa or MasterCard) Citigold accounts are charged 1 percent |
3 percent of the withdrawal at non-Citibank
ATMs Citigold accounts are charged 1 percent No fee for Citibank
ATMs |
| Capital One |
| 0 percent; Capital One does not
pass along the 1 percent charged by Visa and MasterCard |
0 percent and Capital One does not
pass along the 1 percent charged by Visa and MasterCard |
No fee for accounts with a minimum
balance of $1000 |
| Discover |
| 0 percent charged for credit card
purchases |
No debit cards |
No ATM cards 3 percent standard on cash advances |
| FifthThird Bank |
| 3 percent of credit card purchase
after conversion to U.S. dollars (includes 1 percent for Visa
or MasterCard) |
3 percent of debit card purchase after conversion
to U.S. dollars (includes 1 percent for Visa or MasterCard) |
3 percent of the withdrawal |
| JP Morgan Chase |
| 3 percent on point-of-sale purchases
after conversion to U.S. dollars (includes 1 percent for Visa
or MasterCard) |
3 percent on point-of-sale purchases after conversion
to U.S. dollars (includes 1 percent for Visa or MasterCard) |
3 percent of the withdrawal |
| Simmons Bank |
| 3 percent on credit card transactions
(includes 1 percent for Visa or MasterCard) |
No fee for debit or ATM transaction except for
1 percent charged by Visa or MasterCard |
No fee for withdrawal except the network charge |
| Wachovia |
| 1 percent of credit card purchase
charged by Visa / MasterCard |
1 percent of debit card purchases charged by
Visa / MasterCard |
1 percent charged by PLUS network |
| Washington Mutual |
| 1 percent of credit card purchase
charged by Visa or MasterCard |
1 percent of credit card purchase charged by
Visa / MasterCard |
3 percent transaction fee on each ATM withdrawal
in addition to the 1 percent charged by Visa or MasterCard |
| Wells Fargo |
| 3 percent of the transaction amount for credit
card purchases (includes 1 percent for Visa or MasterCard) |
3 percent of the transaction amount for debit
card purchases (includes 1 percent for Visa or MasterCard) |
$5 per withdrawal |
