ATM & Debit Card Foreign Transaction Fees | Travel Guide For Your Finances

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ATM & Debit Card Foreign Transaction Fees

by Luke July 31, 2006

Topic(s): ATMs and Debit Cards, Foreign Transaction Fees, Resources

ATM We’ve received quite a few reader requests over the past few weeks to include ATM and debit card foreign transaction fees in our directory of foreign transaction fees. Unlike the already complex foreign transaction fee structure that credit cards charge, debit cards pose even additional challenges when determining the exact fee to be charged for withdrawing foreign currency. This is for 2 reasons:

1) ATMs. In addition to the transaction fee charged for converting currency, there are also ATM network fees that might be assessed. These fees vary from card to card and change frequently. You may have to pay a network fee to the bank that owns the ATM in the country you are visiting. Since this is not a fee that your bank charges, your bank will not be able to tell you what this fee is in advance.

2) Bizarre Fee Schedules. There are three questions you need to ask when determining ATM and debit card foreign transaction fees for a particular card: Does the bank charge a flat fee per transaction, do they charge a percentage of the withdrawal and do they add a fee for converting the currency. Finally, if your debit card carries the Visa or MasterCard logo, it is important to verify with your bank that the foreign transaction fee is the same when using the debit card as a credit card to make a purchase.

For the purposes of the directory we will include the foreign currency transaction fee assessed when using the card at an ATM and the ATM fee charged by the bank issuing the debit card. We encourage readers to update listings with supplemental information as necessary. Readers should be well advised that the actual fees charged may be higher than the fees listed because of circumstances described above. With this in mind, it is always a good idea to call the bank before a trip to verify fee structures.

3 Comments to "ATM & Debit Card Foreign Transaction Fees"

on 19 Sep 2006 at 12:28 pm Posted by: Michael Roche-Kelly

Hi:

I recently was traveling in Ireland - withdrew 400 Euros (roughly $500) from an A.I.B. ATM in Ireland from my Bank of America checking account. I was charged a whopping $5.08 by the AIB and $5 by BofA.
on 01 Dec 2006 at 5:16 pm Posted by: Nancy Chen

Here is from Wells Fargo on fees using ATM outside of USA

Yes, you can use your Check Card while traveling outside the United States.

Use your Check Card to get local currency at more than 430,000 ATMs in participating networks and American Express cash dispensers around the world. Participating network companies include Pulse, STAR SYSTEM, Global Access and Cirrus.

Most foreign ATMs require a four-digit Personal Identification Number (PIN) that does not begin with a zero. If your PIN doesn’t meet these requirements, you can change it before you leave on your trip — just call 1-800-TO-WELLS (1-800-869-3557) or visit any Wells Fargo® ATM or location.

Use your Check Card to make purchases anywhere Visa® debit cards are accepted. When you present your card for payment, you will be asked to sign a sales slip rather than entering your PIN.
Wells Fargo will assess a $5 fee for ATM cash withdrawals made outside of the United States and a 3% foreign currency conversion fee for purchases made with your Check Card.
on 01 Dec 2006 at 5:18 pm Posted by: Nancy Chen

My sister has a checking account with California Bank and Trust. It only charged $2.50 flat for ATM usage outside of USA for any amount.

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