Credit Card and ATM fees

bradenmiami says on May 24, 2008, 19:43:

Run a search here on PBH...

You will find an OVERABUNDANCE of information posted regarding this, and pretty much EVERYONE'S experiences!

The "lovemedellin website" is a piece of crap made by some moron who has only been to Medellin once...you'd be better off reading the Lonely Planet advice from a guy who never even came here!

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Atrevido says on May 24, 2008, 19:48:

It seems the online stock trading companys like Scottrade, TD Ameritrade etc. offer completely fee free debit cards.

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Robert Jorge says on May 24, 2008, 19:50:

Compass Bank ... at least they used to be fee free.

--"I believe in making the world safe for our children. But not for our children's children, because I don't think that children should be having sex." - Jack Handy

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SFJohn says on May 24, 2008, 20:55:

I researched this a year ago before I took off for a few months of traveling, and Capital One was the only one that had no foreign transaction fee. My Chase Mileage Plus Visa was 3% and my Delta Skymiles Amex was 2%.

I found this article from March of this year and it looks like Capital One is still the only one with no fee: http://www.cardratings.com/creditcardforeignexchangefees.html

A March 2008 survey of credit card issuers revealed the following foreign transaction fees:

American Express - 2%
Bank of America - 3%
Chase - 3%
Citi Bank - 3%
HSBC - 3%
Washington Mutual - 1%
Wells Fargo - 3%
Capital One - No Foreign Transaction Fee
Discover - No fees. Accepted in China, the Carribean, Central America, Mexico and certain parts of Europe.


Here is the Capital One website: http://www.capitalone.com/creditcards/

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YTO SAN says on May 24, 2008, 21:33:

I have my wells fargo bank card linked to my Credit Card from wells fargo and they've never charged me for foreign currency conversion, nor ATM usage.

have been with wells fargo for over 15 yrs

=======YTO SAN

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sloopskipper says on May 25, 2008, 06:35:

Capital One, claims no transaction fees, and I am expecting to have that card soon. They charge $39 annual, but offered two air-miles per $ on their "No Hassle Card". They say that you can apply the miles directly with the airline.

U.S. Bank has begun charging me 3% on U.S. dollar transactions here in Panamá, in addition to a $55 fee, on my NWA WorldPerks card. They're toast!

I was not charged any fees (and the exchange seemed decent) on a brokerage issued American Express Gold card in Colombia, using Bancolombia ATMs, in October.

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viajero123 says on May 25, 2008, 06:54:

Anyone knows if it is possible to open an account on Compass Bank if one is not a resident of the states it operates in?

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gillettij says on May 25, 2008, 07:12:

there is a bank in florida that does that

www.medellinrental.com

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guacharaca says on May 25, 2008, 07:22:

I recommend RBC Centura Bank for atm withdrawals in Colombia. No charges and a fair exchange rate. Most US banks allow one to open an account if you are a resident in any state of the union. Some will even let you open an account if you are a resident of Canada.

Colombianos: Las armas os han dado independencia, las leyes os daran libertad. (Santander)

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expatriate says on May 25, 2008, 08:17:

Affinity Bank in Ventura, CA and National Interbank in Indianapolis offer free checking accounts and no ATM fees, plus they can be opened by mail. I have been using them for years.

A free Paypal account is also useful for transferring money between your bank accounts for free.

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tomtom33 says on May 25, 2008, 08:48:

As an amendment to Sloop, you can get a no annual fee CapitalOne card like the one I have. You just don't get 2 miles per dollar spent. You only get one mile per dollar.

I have been using my CapitalOne credit and debit cards in Colombia since September.

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sloopskipper says on May 25, 2008, 09:32:

They offered two, tom, but I am paying a $39 annual

http://www.capitalone.com/creditcards/products/10318/1/indexwe.php?lin...

Although I now see, looking at their chart, that their miles are not worth much, like booking award flights directly from American Express on my Blue Card.

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aztec says on May 25, 2008, 10:07:

Look around in your own community. We found a small bank that actually pays the fees. Best anyway to have a bank card different from your main banking assets. There is no charge for their services.

My wife uses it when she is in Bogota. We only transfer funds into it as needed.

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sloopskipper says on May 25, 2008, 10:07:

Tom,

Here's the deal.

With my WorldPerks ($1=1 Mile), I can fly from Panamá to Colombia (at least to the north) for 20,000 miles (all fees included), which mean charging $20K $55 annual. But they have begun the foreign fee stuff, but my AAdvantage has not been charging a fee for dollar denimonated transactions.

With the new Capital One, I need 60,000 miles, charging $30,000 the $39 annual fee. I have no idea if they include taxes and airport landing/exit fees, do you?

When I use NWA award travel miles with Copa, all is included. I imagine would be no different.

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tomtom33 says on May 25, 2008, 10:15:

I don't yet have enough miles on CapitalOne for a ticket, but I would guess that they will charge additional for taxes and fees.

My AA Citibank card charges a 3% international transaction fee. So I only use that for US expenses. Since my US$920 per month health insurance premium is charged to that card, the miles rack up fast. I need 30K miles plus taxes and fees(about US$61 last time) for MDE-MSN RT.

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sloopskipper says on May 25, 2008, 11:02:

I would hope the included fees are dependant on the airline. I think somebody mentioned that Avianca did not include them, but Copa does.

My big problem, as I have mentioned, is that they are now whacking me 3% on dollar denominated transactions, and I charge everything I can.

I checked my American Express Blue. There is no annual, or transaction fee on dollars charged (but I think there is an international fee).

$1=1 point, and it costs 50,000 points for a $500 ticket, booked through AmEx, but you can transfer 1 point = 1 mile at Continental, maybe others as well. I can get award flights on Copa through NWA, or Continental.

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snaiks says on May 25, 2008, 12:16:

Capital one's card have never charged me on the transaction.

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sloopskipper says on May 26, 2008, 16:53:

But I would prefer not to have to seek out the ATMs of a particular foreign bank.

How large is HSBC's presence in Colombia?

It seems there are many Bancolomia, or networked, ATMs.

I "think" with my brokerage issued AmEx, I am not charged at any, ATMs.

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ColombianoGringo says on May 26, 2008, 16:57:

I just opened a Capital One account just for use overseas and they will refund all ATM related fees on my account as long as I keep a minimum balance of $1,000. They offered me a credit card as well, but their miles rewards scheme is an abomination. They wanted something like 60,000 miles for a coach flight to South America. Continental only charges 35,000 and AA charges either 30,000 or 35,000.

Compass bank will also refund all fees, but you have to send in all your ATM receipts every month. They can keep that hassle. I think they only charge 1% foreign transaction fee as well.

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sloopskipper says on May 26, 2008, 16:59:

Capital One simply "claimed" NO foreign transaction fees when I applied. If I must send receipts I will cancel.

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ColombianoGringo says on May 26, 2008, 17:02:

No sloop, that was for Compass Bank Debit card.

I don't know if I was clear in that I opened a Capital One checking account. You have to keep a minimum balance of $1,000 to automatically get the refunds for domestic and foreign ATM fees on their debit card. You do not have to send your receipts with Capital One.

I avoid credit cards like the plague. Aside from homes and cars, I can't afford to pay for it in cash, I don't buy it. That applies especially to vacations and travel.

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sloopskipper says on May 26, 2008, 17:05:

Sorry, CG, I misunderstood.

I charge everything I can, to get the miles, but pay all at the end of the month (unless I forget, bummer). Otherwise is a bum deal.

Sometimes as much as three grand.

To me the credit card is like paying cash, just deferred a couple weeks.

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ColombianoGringo says on May 26, 2008, 17:10:

In the US, I mainly use my Chase Continental debit card. I usually end up getting at least on free ticket to Colombia every year. I think the daily purchase limit is something like $4,000 so it is just as convenient as a credit card. However, the 3% foreign transaction fee gives me hives, so I got the Capital One for that.

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sloopskipper says on May 26, 2008, 17:13:

Me too, because as I have written before, I started getting 3% fees here in Panamá for dollar denominated transactions on my NWA/WorldPerks Visa.

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sloopskipper says on May 26, 2008, 17:15:

They can take that card and shove it "somewhere where the sun don't shine".

I will have 40,000 miles next month, enough for two trips to north of Colombia, after I cancel.

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sloopskipper says on May 26, 2008, 17:21:

ColombianoGringo says on May 26, 2008, 16:57: flag

"I just opened a Capital One account just for use overseas and they will refund all ATM related fees on my account as long as I keep a minimum balance of $1,000. They offered me a credit card as well, but their miles rewards scheme is an abomination. They wanted something like 60,000 miles for a coach flight to South America. Continental only charges 35,000 and AA charges either 30,000 or 35,000."

Yeah, even at 2 miles to the dollar it's not much better than AmEx Blue, although you can transfer 1 point for one mile, to Continental, from AmEx Rewards (and Blue has no annual fee).

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ColombianoGringo says on May 26, 2008, 17:31:

I didn't realize they had a 2 miles per $1 credit card. They offered me the No Hassles Reward Visa card which gives 1.25 miles per $1.

I just saw on their website that they have an "Ultra for Professionals" mastercard that gives 2 miles per $1. This seems like a better deal. Both card levels say they require "Excellent Credit", so what are the requirements for the "Ultra" card. Is it a business only card?

Regardless, in reviewing their site, I was reminded that the 60,000 reward level is for flights between $300-$600. No flight from Houston to Colombia costs less than $600 so I think I;ll stick with the Chase Continental card for the moment.

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sloopskipper says on May 26, 2008, 19:46:

Yeah but, CG, there is an annual $39 fee with the "Ultra for Professionals" card. But maybe I charge enough ( a lot) to offset that.

I am retired, without a large income (but have pretty high credit score, on whatever), but that is what they offered me (I'm sure they checked while I was on the phone). However, with the 60,000 miles requirement (even with 2 miles per dollar) is not exactly a slam dunk.

But I will still save the 3% here in Panamá, and still earn some miles.

Maybe my AmEx Blue is still the better deal here. No annual, or foreign transaction fee (in Panamá) and I receive 1 point per dollar, and can convert to Continental for a mile per point, and I can use those on Copa.

And I can still use my brokerage issued Gold AmEx in Colombia without fees.

It is a bit of a logistical nightmare, jaja.

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sloopskipper says on May 27, 2008, 15:42:

I just, today, received my new Capital One “No Hassle Miles Ultra Card ". I scanned the terms & conditions, especially looking for foreign transaction fees and found, on the back page of the Customer Agreement:



After being on Skype, barely hearing, or understanding, six different people from one of the two possible sub continental countries, for a half hour, I was just about to give up.

Although the document says little that is understandable (at least to ME), I THINK they were trying to say on the phone, was that there is an extra finance charge for unpaid balances, after two billing periods, for charges originating outside the U.S. or territories. WTF?

“Foreign Transaction Charge " says that?

I received no Truth in Lending Act disclosure form.

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sloopskipper says on May 27, 2008, 15:50:

Zeus (newbie) says on May 26, 2008, 22:41: flag

"Anyone sure on Scottrade? Atrevido?"

I don't know. I am with Fidelity, but maybe Scotttrade is the same, if they Offer AmEx Gold.

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tomtom33 says on May 27, 2008, 16:36:

Sloop, don't over think stuff. There are absolutely no charges. I have been using my card in Colombia since September.

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sloopskipper says on May 28, 2008, 03:26:

I hear ya', Tom. But, but . . . . . . jaja.

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cali373 says on May 28, 2008, 07:36:

Just remember that the isuing bank may not charge the 2% foreign transacion fee, but Mastercard and Visa does, and the fee gets passed on to the cardholder. in my experience the bigger the bank, the more fees imposed.

Smile if you are a thinker!

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viajero123 says on May 28, 2008, 20:04:

Seems like the best option is getting the Capital One Money Market Account/ATM card and the Capital One credit card. I will also try to shop around my community for local banks that might offer something as well. Do all their cards waive foreign transaction fees? I don't really know what my credit rating will be, will they assist on that over the phone, or is it better to just apply online?

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ColombianoGringo says on May 28, 2008, 20:09:

Viajero,

What are the benefits of the money market account ATM card over their regular checking debit card? I just opened a regular checking account with them. I will be in Bogota in a few weeks and will try it out but if the money market account has a better fee structure, I can go change my account.

I do know that their normal credit cards require pretty good credit. I would suspect that you'd need to have at least a 700 score. They do have some cards for higher risk borrowers, but I don't know if they have the same fee structures.

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tomtom33 says on May 29, 2008, 02:14:

The money market account allows about 4 checks per month and pays money market rates on your deposit balance. There are no fees.

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viajero123 says on May 29, 2008, 05:02:

The money market account has a limit on how many withdrawals you can make by check or online, but you can have unlimited ATM withdrawals, although a max of $500 per day. It charges no fees. It does not really let me open a checking account with them, it says this service is not available in my zip code, that's why I am opening the money market one. I will check on the high risk ones.

Anyone knows what the easiest way to transfer money from Colombia to the US is?

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tomtom33 says on May 29, 2008, 06:10:

Actually there is a limit of 10 ATM withdrawals per day.

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larryrn says on May 29, 2008, 07:46:

Capital one I found is the lowest -- 1% on transaction fees with the no hassle miles card. That is the card I use here. However, beware, I was at J & C Arepas on El Poblado and they took my card and swipped it -- then told me it didn't take and they needed to reswip the card. I said fine, etc. An hour later I get a VM from Capital One Fraud detecting charges at Home Center, CareForre, etc. all in excess of 500 USD per transaction. Of course, all were declined. Capital One was very cool about it..

Larry

--- Larry Snyder - http://www.rn.org - Your Source for Online Nursing Education!

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ColombianoGringo says on May 29, 2008, 07:54:

Thanks Viajero. Luckily, we have Capital One branches in Houston so I was able to get a checking debit card. I was actually surprised to find out that there are 40 branches in and around town.

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sloopskipper says on May 29, 2008, 13:02:

Well, it was a short romace with Capital One, for me.

I called to activate the card, and after almost a half hour, and being passed to four different people, I was informed that every 30 days I had to notify them, by phone, that I was still out of the country.

I said "Thanx, but no thanx, please close the account", as I wasn't sure when the "no hassle" part would begin.

I discovered that they would still bill the $39 fee. However, another call did quickly connect me with some helpful (and understandable) people who did deal with crediting the annual fee.

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ColombianoGringo says on May 29, 2008, 13:13:

Hmm. That's a bit troubling. I told the bank officer that opened the account for me about my travels. She stated that she would "let the fraud department know" about the countries I visit. We'll see if that amounts to anything.

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sloopskipper says on May 29, 2008, 13:29:

Yes, but most impose the restriction that you must notify them before traveling (which I always do). I give them destination(s), date of travel, and a return date, so I needn't call again when I return.

Citi had a 90(?) day requirement for my AAdvantage, but a phone call to them, and they applied some sort of (semi) permanent status for me here in Panamá. I had a couple transactions declined before that, because I forgot to call.

I have had no problems with American Express cards or my two Visas or another Master Card.

CG, you might want to check with the bank, to see if you must call after 30 days. Three different people told me that was true, although an account manager said the agent could have made a note stating that I was out of the country more than I was in, but I wouldn't want to count on that. I was only once in the Miami airport for a couple hours in the last six years, jaja.

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tomtom33 says on May 29, 2008, 15:28:

My CapitalOne card did not have a 1% international transaction fee. I have been using it in Colombia for 8 months.

They did call my VOIP number once to be sure that the stuff I was buying to furnish my house was actually bought by me. Now, when I have any big charges, I send them a secure E-mail telling them that it was me who made the purchase. There was no requirement to notify them of anything. And I paid no annual fee.

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