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.

I’ve decide to start a new blog, just in time for the onset of 2009.  My Xanga site is outdated since I haven’t touched it in a whole year.  My previous WordPress blog has vanished due to some server space issues.  I didn’t back up all entries so it’s probably a good thing that I used a cross-poster to link Xanga and WordPress blogs.

2009 is here.  I don’t make resolutions.  I do set and re-set goals throughout the year.  Looking back at the ones set for 2008 and cutting & pasting outstanding goals:

• Be on time. still working on this one
  
• Sleep earlier. getting 6-8 hours of sleep/night would be good for me
  
• Do what I say I’ll do. aside from the previous two, I’ve done pretty well here but can still improve
• Study & take the Series 7 exam. yikes…requires a great deal of focus & commitment outside of work
  

Adding on for 2009:

• Save money. already cut down on travel…need to cut down on shopping
  
• Invest time. reading the Bible and building relationships
  
• Practice patience & tact. be more compassionate and caring towards others
  

Life is a journey, and I’m a work in progress.