I%26#39;ve heard that some U.S. Banks have affiliation agreements with overseas %26quot;partners%26quot;, so that clients of the U.S. Bank can use the ATMs of the overseas %26quot;partner%26quot; on better terms (ex: no extra/duplicated fees). Is anyone familiar with this?
In particular, I%26#39;m wondering if anyone here knows if Wells Fargo has any Bank %26quot;partners%26quot; in Paris/France (and if so, what Bank)?
Thanks!
|||
To the best of my knowledge, the only US bank that has a correspondent/partner %26#39;no-fee%26#39; ATM agreement in Paris is BANK of AMERICA...with BNP-Paribas.
I don%26#39;t believe that WELLS FARGO shares any such correspondent bank agreement...but if Welles Fargo is your local bank, then you should check with them DIRECTLY. Some banks may offer differing fee arrangements, depending on type and size of the account(s). As an example, some larger account types may %26#39;..comp..%26#39; foreign ATM transaction fees to clients as a %26#39;client goodwill%26#39; gesture....but don%26#39;t bet the ranch on it.
|||
Great info! Hmmm, I must get thee to a BofA!
|||
Commerce Bank (recently acquired by TD Bank) offers account holders free ATM withdrawals anywhere in the world (also covering any fees charged by the host ATM) if you maintain a minimum Checking Account balance of $2,500.
Furthermore, you can use your Commerce Bank VISA check card, which is also devoid of any international transaction fees when used abroad.
Great deal really if you happen to have a branch around you.
|||
%26gt;%26gt;%26gt;Great info! Hmmm, I must get thee to a BofA!%26lt;%26lt;%26lt;
As I%26#39;m sure you%26#39;re aware, with most things there are usually more not-so-minor-details...than simply free foreign ATM transactions that should go into making a decision on which institution(s) to bank with. Better rates on deposits and loans, other included financial %26amp; personal services, etc. can often exceed the amount saved on free foreign ATM fees. It%26#39;s always a good idea to check the benefits and features your own bank may provide...before switching banks or opening new accounts for specific short-term %26#39;..gains..%26#39;.
Though my own bank does not provide free foreign ATM transactions, its local branch managers do have %26#39;discretionary authority%26#39; to re-credit these charges to accounts upon request. Under the Terms %26amp; Conditions of the account(s) they are in no way obligated to do so (hence %26#39;discretionary%26#39;)...and when they do the charges are written off to %26#39;client good will%26#39;....in part to try to retain existing customer accounts. So, all other factors considered, it%26#39;s usually worth checking with your own bank before rushing about town or the internet openning new accounts.
|||
There are a large number of banks and credit unions offering no fee ATM withdrawals (even giving cash reimbursements when fees are incurred) and credit cards which do not add additional transaction fees to the 1% Visa/MC currency conversion fee.
(The only bank credit card of which I am familiar that imposes absolutely no international transaction fees is Capital One.)
It pays to ask and maybe more than once because many bank customer assistance representatives simply do not know their employer%26#39;s fee structure in regards to international transactions.
Ultimately, I believe one finds lower banking costs at smaller, local institutions rather at larger, nationally known entities.
|||
Thanks, KDK. BofA was the first place I opened a checking account way back when I was teen. Wouldn%26#39;t hurt to inquire. I do appreciate your tip regarding the manager%26#39;s discretion to refund fees. At any rate, my banks%26#39;s foreign transaction fee is %26quot;only%26quot; 1%.
|||
Wow, thank you all for your great insight and advice! It%26#39;s very much appreciated!
|||
Most major banks have partnership agreements with foreign banks. B of A is not the only one, by any wild stretch of a vivid imagination.
This is called a %26quot;correspondent banking relationship%26quot;. Call your bank, and ask for their international banking department. Ask the international banking folks with whom they have a correspondent banking relationship with.
European banks don%26#39;t usually charge an ATM fee.
|||
Thank you for this additional info, Sunshine! We%26#39;ll give this a try.
|||
-:- Message from TripAdvisor staff -:-
This topic was inactive for 6 months and has been closed to new posts. We hope you'll join the conversation by posting to an open topic or starting a new one.
To review the TripAdvisor Forums Posting Guidelines, please follow this link: http://www.tripadvisor.com/pages/forums_posting_guidelines.html
We remove posts that do not follow our posting guidelines, and we reserve the right to remove any post for any reason.
Removed on: 8:16 am, October 01, 2009
No comments:
Post a Comment