Okay Finally Found a Bank that absorbs all Currency Exchange Fees.....

Frank Rizzo says on Jul 16, 2007, 10:50:

great find....thanks..

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ColombianoGringo says on Jul 16, 2007, 11:11:

Has anyone tried Compass Bank? They are offering a deal where they will return any international ATM fees. I think you have to request that they remove them, but I am not sure if they charge exchange fees. They don't charge a monthly fee and don't require direct deposit.

Does Capital One charge a monthly fee?

Thanks,
CG

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panthdave says on Jul 16, 2007, 11:21:

No...Remember a flat ATM Fee is different from the Currency Exhange Fee which many banks want to charge on top of the exchange rate and all breakdown accept American Express does not they will bulk everything into one line item..

Example: Bank of America depends on the account will charge 3.50 for the Flat Fee plus 2% currency exchange fee..

Capital One no monthly fee...on there Money Market Account don't know for the regular checking maybe just keep a minimum deposit but remember for regular check have to have a billing address in Texas or Louisana any other state has to be a Money Market account and with Capital One Money Market only get a straight ATM Card not a Checkcard with Visa/Mastercard Logo but who cares..

panthdave Miami

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pedro says on Jul 16, 2007, 11:21:

If you're in Australia, get a Wizard Clear Advantage Mastercard.

No fees at all, and you get the true interbank exchange rate. Cash advance, purchases on the card, whatever... no fee, surcharge or margin on the exchange rate.

It's a beautiful thing.

que nota!

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panthdave says on Jul 16, 2007, 11:24:

Thats the same with Capital one but you get a straight ATM Card.. There mastercard NO Exchange Fees but only POS Transactions and the Cash advance will nail you but use the straight ATM card..for ATM withdrawals..

Thats a great deal for a Mastercard...Pedro.

panthdave Miami

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expatriate says on Jul 16, 2007, 14:16:

Here is the way it is. For US citizens spending a lot of time traveling, or living overseas, having these four accounts is the way to go.

For a credit card - CapitolOne Platinum Visa. No foreign exchange fees, and a $25 credit to your account for every $2500 you spend. You must request the refund online.

For free checking accounts with fee free ATM cards - Affinity Bank in Ventura, Ca., and National Interbank in Indianapolis. You can open these accounts by mail.

To move money around between your checking accounts, open a Paypal account, which also pays 5% at the moment. After 60 days you can apply for an ATM card which only has a $1 fee per transaction.

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arfgoblue says on Jul 16, 2007, 14:19:

CG,

Compass bank also doesn't pass any fees, including the Visa/Mastercard 1% Overseas Transaction Fee. I think you have to open up the account in person though, as opposed to the internet, and also to live in a state that they serve.

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arfgoblue says on Jul 16, 2007, 14:24:

National Interbank is cool; for some reason, it doesn't work for me at BBVA or at BanCafe. Weird thing is, the first couple of weeks it worked at BanCafe and then stopped all of a sudden stopped...

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expatriate says on Jul 16, 2007, 14:36:

Arfgoblue, when your ATM card doesn't work, whatever kind it is, it will work at a fluorescent green and black Servibanca ATM machine.

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panthdave says on Jul 16, 2007, 14:43:

Or citibank I have found works will all cards...So happy now that I have found a combination with Capital One with the Mastercard and Capital One Money Market ATM Card which both absorb all Currency Exchange Fees and the ATM Flat Fee...

1.Capital One Money Market ATM for International Cash Withdrawals
2.Capital One Mastercard for International POS Transactions

I am in Medellin every two weeks so should make a difference on my transactions on yearly basis.. I added up all my transaction fees for the last year in Colombia and I am astonished and embarrased how much money went to fees...Well going to change now..

panthdave Miami

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Lisa Zee says on Jul 16, 2007, 17:46:

I have citibank in California and it looks that I don´t get charged any fees when I use the same here in Medellin, but we both took money out of Bank Colombia´s ATM in Rionegro, and we both got a $6.00 change. And I just charged $54.00 at Exito with my Bank of America´s ATM and it was only 36 cents.

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panthdave says on Jul 16, 2007, 18:18:

BOA POS Transaction maybe at .01 or close...Good Below is an example...of a BOA Transaction..378.92*.02 = 7.58....This was an ATM withdrawal at a Citibank..and was last time I used an BOA Card for International

04-29-2007 CITIBANK COLOMB International Transaction Fee ($7.58)
04-29-2007 CITIBANK COLOMB ATM Cash Withdrawal Fee - Foreign ($3.50)
04-29-2007 CITIBANK COLOMB ATM Cash Withdrawal ($378.92)
Now another card I use is BankFirst..Below is an ATM Withdrawal and a Ponoma POS Transaction which POS is 1% and ATM is 1% plus 2.00
07/07/2007 07/09/2007 POMONA EL POBLADO MEDELLIN CO ($31.26)
07/07/2007 07/09/2007 Currency Conversion Assessment Fee ($0.07)
07/07/2007 07/09/2007 Cross-Border Assessment Fee ($0.25)
07/07/2007 07/07/2007 STAR DAVI M/LLIN OCCA 0500100MEDELL CO ($233.65)
07/07/2007 07/07/2007 Currency Conversion Assessment Fee ($0.47)
07/07/2007 07/07/2007 Cross-Border Assessment Fee ($1.87)
07/07/2007 07/07/2007 ATM Withdrawal Fee INT ($2.00)

panthdave Miami

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panthdave says on Jul 16, 2007, 18:19:

Now with Capital One...there will be no flat fees nor exchange fees at all..They absorb..with the ATM plus if you have a Mastercard....

So...

panthdave Miami

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panthdave says on Jul 16, 2007, 18:20:

Amazing is I have been going back and forth every two weeks MIA-Medellin paying bills, basically living and the fees are starting to add up...Maybe if you go on vacation no problem but I had to find a solution quick..

panthdave Miami

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bradenmiami says on Jul 16, 2007, 20:32:

Citibank is great....here is a transaction I did on 7/06/07 using my Citibank ATM card, witdrawing from my American Citibank Checking Account, and using the ATM at a Citibank in El Poblado:

07-06 CASH WITHDRAWAL AT NON-CITIBANK ATM
Cra 43 A No1A Sur49 Medel $ 81.21

This was to get 160,000 COP or 1970.20 pesos per dollar, and the published high-rate that day via Bancolombia was 1974.67!!!!! No hidden fees or nothing - straight cash at a great exchange rate!

Not to shabby....

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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panthdave says on Jul 17, 2007, 03:12:

Thats funny I asked Citibank and they told me 1% on international transactions on the Citi debit card..even at Citibank ATM's..abroad.

Who knows..

panthdave Miami

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panthdave says on Jul 17, 2007, 03:24:

Currency conversion


Fee for credit card purchase made in foreign currency* Fee for a debit card purchase made in foreign currency* Fee for an ATM card withdrawal made in a foreign country/currency?*
American Express
2 percent charge on point-of-sale purchases after conversion to U.S. dollars No debit cards No ATM cards
Bank of America
3 percent on point-of-sale credit card purchases after conversion to U.S. dollars (includes 1 percent for Visa or MasterCard) 3 percent on point of sale debit card purchases after conversion to U.S. dollars (includes 1 percent for Visa or MasterCard) $5 fee and 1 percent of amount withdrawn; waived if using a Global ATM Alliance machine
Citibank
3 percent of credit card purchase after conversion to U.S. dollars (includes 1 percent for Visa or MasterCard) 3 percent on point-of-sale debit card purchases after conversion to U.S. dollars (includes 1 percent for Visa or MasterCard) Citigold accounts are charged 1 percent 3 percent of the withdrawal at non-Citibank ATMs Citigold accounts are charged 1 percent No fee for Citibank ATMs
Capital One
0 percent; Capital One does not pass along the 1 percent charged by Visa and MasterCard 0 percent and Capital One does not pass along the 1 percent charged by Visa and MasterCard No fee
Discover
0 percent charged for credit card purchases No debit cards No ATM cards 3 percent standard on cash advances
FifthThird Bank
3 percent of credit card purchase after conversion to U.S. dollars (includes 1 percent for Visa or MasterCard) 3 percent of debit card purchase after conversion to U.S. dollars (includes 1 percent for Visa or MasterCard) 3 percent of the withdrawal
JP Morgan Chase
3 percent on point-of-sale purchases after conversion to U.S. dollars (includes 1 percent for Visa or MasterCard) 3 percent on point-of-sale purchases after conversion to U.S. dollars (includes 1 percent for Visa or MasterCard) 3 percent of the withdrawal
Simmons Bank
3 percent on credit card transactions (includes 1 percent for Visa or MasterCard) No fee for debit or ATM transaction except for 1 percent charged by Visa or MasterCard No fee for withdrawal except the network charge
Wachovia
1 percent of credit card purchase charged by Visa / MasterCard 1 percent of debit card purchases charged by Visa / MasterCard 1 percent charged by PLUS network
Washington Mutual
1 percent of credit card purchase charged by Visa or MasterCard 1 percent of credit card purchase charged by Visa / MasterCard 3 percent transaction fee on each ATM withdrawal in addition to the 1 percent charged by Visa or MasterCard
Wells Fargo
3 percent of the transaction amount for credit card purchases (includes 1 percent for Visa or MasterCard) 3 percent of the transaction amount for debit card purchases (includes 1 percent for Visa or MasterCard) $5 per withdrawal

panthdave Miami

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panthdave says on Jul 17, 2007, 03:28:

If I was just on vacation and did not travel much who cares.. I wouldn't care but spending much of my time in Medellin will make a difference...The above numbers are as of April 2007..

Citibank charges a fee after the conversion look carefully...Above are examples of CC Purchases and Debit Purchases/ATM withdrawals..

panthdave Miami

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panthdave says on Jul 17, 2007, 03:39:

Outside of the U.S., you can use your Citibank Banking Card at more than 7,000 Citibank ATMs free of charge. However, if you get cash in the local currency at a non-Citi ATM, then there is a foreign exchange fee of 3% (1% for Citigold clients). For example, if you withdrew 100 Euros at a non-Citi ATM in Italy, and the value in USD was $125, then the 3% fee would be $3.75 ($1.25 for Citigold clients). This exchange fee also applies if you use your Citibank Banking Card to make purchases overseas.

So there is no currency exchange fees nor ATM Fees for Citi customers using only Citibank ATM's but if you use the card for POS Transacations or a NON Citi ATM you will get whacked..

You can see I hate Banks they are sneaky...

panthdave Miami

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Chevere33 says on Jul 17, 2007, 09:11:

How does PayPal work on the receiving end in Colombia? I already have an account that I use here in the US for eBay and stuff . . . but how would I use it to send someone in Colombia money? Meaning, how would she get it?

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tomtom33 says on Jul 18, 2007, 09:53:

Thanks, Dave. I just called Capital One and applied for an ATM and a credit card. You are correct. There are no currency transaction fees. My current cards charge 1%.

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bradenmiami says on Jul 23, 2007, 18:26:

Well I still stick to my guns...

I have checked and rechecked...I still am not getting hit with any fees, and the transaction listed above came directly from the Citibank ATM in Poblado, taking money from my American Citibank account. Did it before, did it then, and will keep doing it fee-free! Keep researching all you guys want, but there are minimum options...and this is one of them with NO fees and GREAT exchange rates!

Only think I can't figure out is why it lists on the account as a non-Citibank ATM (I understand WHY!) but yet fails to charge me any fees as if it IS a Citibank account. I think its all technical wording...

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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