While preparing for travel abroad, I called my banks to notify them of upcoming travel dates as well as ask about ATM fees and foreign currency transaction fees. Here is what I found out from various banks:
Credit Card Fees
Amex Blue Cash
- Foreign Currency Fee: 2% of purchase
Capital One Visa/MC – travel
- Foreign Currency Fee: 0%
Nordstrom Visa
- Foreign Currency Fee: 1% of purchase
Schwab Bank Invest First Visa
- Foreign Currency Fee: 0%
- Must have linked Schwab One brokerage account for cash back rewards
Wells Fargo Visa (along with most other Visa and MasterCard)
- Foreign Currency Fee: 3% of purchase
ATM Fees
HSBC Checking – info
- ATM Fee: $1.50 at International HSBC ATMs (didn’t get charged in Hong Kong)
- Foreign Currency Fee: 3% (didn’t get charged in Hong Kong)
- ATM/Debit card does NOT work with any other ATM networks
Chase Checking – fees
- ATM Fee: $0 from Chase and WaMu
- Foreign Currency Fee: 3% of transaction
- Monthly Service Fee: $6, waived with direct deposit or 5 debit card purchases
Wells Fargo Basic Checking – fees
- ATM Fee: $5.00 from Wells Fargo (keep in mind that this is in addition to the International ATM surcharge)
- Foreign Currency Fee: 3% of transaction (seems standard)
- Monthly Service Fee: $5, waived with direct deposit or minimum $1,000 balance
- ATM/Debit card works with Plus, Star, and Interlink networks
Based on the three choices above, I thought that WaMu would’ve been the best so I walked into Chase branch during lunch break. WaMu had closed my account due to inactivity, and they wouldn’t be able to issue a new ATM card before the weekend. So to satisfy client needs, the banker referred me to First Republic Bank for the following:
First Republic ATM Rebate Checking – info
- ATM Fee: $0
- Foreign Currency Fee: 0% (absorbed by First Republic rather than passed to customer)
- Foreign ATM Surcharge: refunded
- Instant Temporary ATM card
- Monthly Service Fee: $15, waived with minimum $2,500 average balance
- ATM/Debit card works with Star, Plus, and NYCE networks
Currency Exchange
Exchange USD for foreign currency prior to travel in order to lock in exchange rates at time of purchase. Check with your bank as most banks charge customers a Foreign Currency Fee of 5% for the conversion.
Travelers Cheques
Travelers cheques can be ordered in foreign currency (rate locked at purchase) or USD to be converted overseas (current rate when cashed) and can be replaced within 24 hours if lost of stolen. Bank may or may not charge a fee for travelers cheques.
Disclaimer: This information comes from researching fee-free travel options. I do not endorse one financial institution over another as I am an equal opportunity customer. I also do not claim to be an expert in bank fees or foreign currency and will not be held responsible for misinformation. I hope you find this information useful. Use at your own discretion.
