Ok so I have searched and searched the forum to try to get some sort of concrete answer but found myself more confused than before. If I open a B of A checking account will I be charged a conversion fee?? Same thing with Capitol One will I be charged a fee?? Ive read hundreds of posts some saying no fees, some saying 1-3%, some saying they earn 1% back with capitol one, is it just luck of the draw what you get charged or is there an acctual system to this???
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Hi;
There is a system to this but the ones to ask are your bank or credit card company if you want to be sure...
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You may be trying to compare two entirely different financial instruments--bank debit card and conventional credit card.
If you open a checking account with BANK of AMERICA, you have the option of securing an ATM/DEBIT CARD to access your checking account funds. If you use an ATM operated by one of B-o-A%26#39;s correspondent banks--BNP-Paribas in France--there will be NO foreign transaction fee applied. But, if you use a non-BNP ATM in Paris, you will be charged a foreign transaction transaction fee according to the Terms %26amp; Conditions of your particular account.
If you secure a CAPITAL ONE CREIT CARD, they do not apply the usualy 2%-to-3% foreign transaction fee charged by most credit card issuers to the charged amount...nor do they pass along the 1% financial network fee charged by VISA and MasterCard.
But as noted above, you NEED to check the Terms %26amp; Conditions of any account you%26#39;re considering DIRECTLY with the institution.
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I have a Capital One Mastercard - absolutely no added % for foreign currency transactions.
I have a Capital One checking account with Debit card - absolutely no added % for foreign currency transactions, and $1.50 per ATM withdrawal.
Note: you must open the checking account in person at a branch, while the M/C can be applied for online. Since I travel to Texas occasionally, I opened my checking acct there; from then on, I use online transfers from my Florida bank acct to the CapOne acct to fund it for trips.
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I just spoke to a Capital One agent about opening a Mastercard account. I was told that there is no foreign transaction fee but there is a CASH ADVANCE fee which is much more. I%26#39;m not anywhere near a Capital One bank so opening a checking account to avoid that is out of the question.
Guess I%26#39;ll have to continue to pay the 2% exchange fee with my Visa debit card. Actually cheaper than anything I could find with Cap. One or Bank of America.
What about American Express? Any one have experience with them?
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You can make yourself trying to figure out the best card to use with no fees. I finally ran out of time and just used my regular Master Card, with 2% fee I think. I ended up charging less than I thought, using cash from my ATM (fees there, too I suppose), and my MC bill when it came was only $16 in fees, easy enough to handle.
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American Express is not nearly as widely accepted in Paris as Visa/Mastercard. I suppose, if you found out there was no fee, you could use it when possible. I don%26#39;t think I recall anyone saying there%26#39;s no fee with Am Express, however. I am interested in knowing what you are told if you check.
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My understanding is that Capital One does not charge the conversion fee. I used it in China last year %26amp; that was correct. Good luck...cards are confusing!
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Yes, with a Mastercard CREDIT card, I would not make an ATM withdrawal (which is indeed a cash advance). I only use the DEBIT card for the ATM withdrawals.
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I think with just about any credit card (even in the US) there are fees (and usually a higher interest rate, as well) for cash advances. I would suggest using the no-fee card just for actual purchases, and it should be advantageous.
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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.
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