Question re: Foreign ATM fees in Countries that have a different $

[Ro_Laren]

I'm going to Russia and am trying to figure out what sort of ATM fees I should expect. I already realize that my personal bank will charge me fees, so I'm not asking about that. Today I was on the phone with the bank and they told me that whatever ATM I use will not only charge me a flat fee, but a currency conversion fee on top of that. Is that true? I thought that I would just be charged a flat fee. Is the currency conversion fee a flat rate or a percentage rate?

I never thought that any sort of conversion fee would come from the ATM, but my own bank. Just wondering what sort of experiences people have had with this.... Does it matter what bank you have an account with??

 

[Snaploud]

Bank of America 1 percent currency conversion fee at Global ATM Alliance ATMs/$5 plus 1 percent currency conversion fee at Non-Global ATM Alliance ATMs

Citi Citibank ATMs: $0 plus a 3 percent currency conversion fee/nonCitibank ATMs: $1.50 plus a 3 percent currency conversion fee

HSBC $1.50 for each ATM withdrawal; no fee for Premier Debit MasterCard Chase $3 plus 3 percent currency conversion fee; for premium accounts, $0 plus 3 percent currency conversion fee

USAA $0 plus 1 percent currency conversion fee

Wells Fargo $5 withdrawal fee

Read more: http://www.creditcards.com/credit-card-news/foreign-exchange-fees-going-up-1267.php#ixzz1Rvg5hRp8

^The above link also has a break-down on credit card fees.

 

[Robert Maxwell]

Yeah, I encountered those fees when I was in Hungary. I found OptiBank ATMs gave me the best prices. I also found that ATMs in airports are absolutely horrible and you should avoid those!

It definitely pays to pull out as much as you think you'll need up front, since there are per-transaction fees on top of the percentage commission fee.

 

[Count Zero]

In many countries you get a better deal exchanging real money. There are often exchange booths that charge no commission and offer better rates than the banks/ATMs. However, I'm not sure about Russia. If you're just there for a short trip, that's probably preferable.
I've totally grown unaccustomed to the whole exchange thing since the Euro introduction because I usually only travel within the Eurozone. And in many neighbouring countries, you can also pay in Euros. By the way, I imagine Russians are also content with getting dollars but usually you end up paying more this way.

 

[Holdfast]

What I do (assuming travel to a modern country that accepts cards everywhere) is withdraw a modest amount of local currency at the start of the trip, to cover any occasional or emergency cash needs. Maybe £50-worth, enough to proportionately negate the £2 fee or whatever it is for foreign withdrawals (it's not much, anyway).

I never ever use the cash; I just keep it handy for emergencies. Otherwise, I just use my credit card - no fee for using it abroad, and the conversion goes through at spot interbank rates with no commission so is brilliantly competitive (you pay the same as if you had a native bank account, effectively). If I don't use the cash by the end of the trip, and I'm not likely to revisit the country soon, I use it to buy a few presents (or stock up my drinks cabinet) with it in duty free before flying home.

At least, that's how my credit card works; check your credit agreement for details as to how yours works.

 

[Snaploud]

^Check the link above for information on credit card fees (or lack thereof) depending upon the card company.

 

[Maestro]

Wait, Holdfast, you pay $3.75 in withdrawl fees on UK ATMs?

 

[DarthTom]

What I do (assuming travel to a modern country that accepts cards everywhere) is withdraw a modest amount of local currency at the start of the trip, to cover any occasional or emergency cash needs. Maybe £50-worth, enough to proportionately negate the £2 fee or whatever it is for foreign withdrawals (it's not much, anyway).

I never ever use the cash; I just keep it handy for emergencies. Otherwise, I just use my credit card - no fee for using it abroad, and the conversion goes through at spot interbank rates with no commission so is brilliantly competitive (you pay the same as if you had a native bank account, effectively). If I don't use the cash by the end of the trip, and I'm not likely to revisit the country soon, I use it to buy a few presents (or stock up my drinks cabinet) with it in duty free before flying home.

At least, that's how my credit card works; check your credit agreement for details as to how yours works.

A trick to avoid ATM fees here in the US is to visit a grocery store, buy something small like a coke or pack of gum and ask for money back. The store eats the ATM withdraw fee and gives you cash back. Does this process work overseas?

 

[Holdfast]

Wait, Holdfast, you pay $3.75 in withdrawl fees on UK ATMs?

No...

Let me clarify:

My UK debit card, UK ATM - no fee
My UK debit card, foreign ATM - fee, plus forex commission

Using my credit card for purchases outside the UK is much cheaper that taking cash out from a foreign ATM.

(other people's cards may work differently, of course)

(having clarified that, there are certain rare standalone ATMs in the UK that do charge fees for withdrawals, but it's really easy to avoid using them as I can use any bank's ATM without a fee, and if a bank's not nearby you can always do a cashback as DT talks about below)

A trick to avoid ATM fees here in the US is to visit a grocery store, buy something small like a coke or pack of gum and ask for money back. The store eats the ATM withdraw fee and gives you cash back. Does this process work overseas?

Yeah you can do this with a domestic card within the UK. But if you use a domestic debit card abroad, you'll still get hit by a foreign exchange fee even for a cashback transaction like that, at least with my bank's debit card. You'll avoid the ATM fee though, that's true.

 

[Shikarnov]

When I lived in Russia, there were no ATM fees (by the way, they call ATM machines "bankomats"). You will need to be careful though to look for a machine with logos that match those on your card (and I don't mean Visa or Mastercard -- you'll need to look on the back for the ATM logos). For example, my ATM cards were all part of the Plus network, but I found very few ATMs that matched that -- only one or two in my city. Depending on where you're going, you might want to invest a few roubles on a taxi tour to find the ATM which will work for you.

PM me if you want to talk more about Russia or have questions for somebody that lived there.

Otherwise, good luck and enjoy your trip! Eat some pelmeni for me

Z

PS - Make sure to call your bank in advance of your trip to tell them that you'll be doing business in Russia. Otherwise they're likely to see an ATM withdrawal in a foreign country and shut your ass down for security reasons.

 

[Shikarnov]

A trick to avoid ATM fees here in the US is to visit a grocery store, buy something small like a coke or pack of gum and ask for money back. The store eats the ATM withdraw fee and gives you cash back. Does this process work overseas?

At least as of three years ago, that wouldn't work in Russia (at least not outside Moscow). Russians don't do a lot of banking at all, and so few people have ATM cards, and even fewer have credit lines of any kind. Ergo, the various markets were not equipped to handle electronic transactions at the register. That might be different today, but I have a hard time believing that's the case. Also - it will depend on where in Russia the OP is going. Moscow, for example, is a 1st world country all by itself, and bears little resemblance to the 3rd world shithole that begins just a few miles from its center.

 

[Maestro]

PS - Make sure to call your bank in advance of your trip to tell them that you'll be doing business in Russia. Otherwise they're likely to see an ATM withdrawal in a foreign country and shut your ass down for security reasons.

This is good advice no matter where you're traveling, especially abroad. They'll usually let one transaction go through (in case you're ordering something from a company), but if I went to England to visit Holdfast, on the second transaction, they'd shut my ass down.

I had a problem when I took the Band to Toronto, New York, and Orlando where my bank and credit cards thought I'd been ripped off.

Always call in advance when traveling, and that includes foreign travel or traveling from Bumblefuck to the big city.

(BTW, Holdfast do you have a couch my wife and I could crash on for a week?)

 

[Lt_Rowy]

Gosh....we Australians get hit worse than you! We get charged $5 for taking money out internationally as well as the atm fees!

 

[Mr Silver]

In Soviet Russian you charge ATM...

Smirnoff aside, Travellers cheques or a VISA card are your best bet.