Hidden ATM Charges for International Travel
I am livid...frothing at the mouth and vibrating over the latest ATM charges. If you are anything like ex-Marine (husband, Steve) and myself, we speed-read through the little bank information sent on occasion notifying changes in accounts, bank policies, etc. Of course, it doesn't help that you almost need a magnifying glass to see anything and any important change is hidden in a long paragraph.
We just returned from a trip to France and did the usual ATM charges expecting the usual good rates against the Euro versus using dollars to exchange and get a worse rate. How wrong could two people be. It seems that Chase Bank has now added an additional 3% surcharge on all ATM use outside of the United States for the privilege of allowing you to use your own money!! So instead of the official 1.34 Euro Rate on May 21 (I double-checked), the transaction came through as 1.39 Euros. The Euro takes a little getting used to and that meant it cost us $1.39 US to get 1 Euro. It may sound like pennies and is pennies but in the big scheme of travel can add up.
Chase Bank just initiated this new policy May 1, 2007 and telephoning other banks, I found that most of them do the same. So now, VISA, Master Card, American Express and others charge an additional 3-5% conversion when you use your credit card overseas....and Chase Bank charges an additional 3% on each ATM withdrawal....and the dollar is in the toilet. Okay...I can sort of justify Credit Card Companies adding on since you are using their money...but ATM's?
Just had to pass on this information so it doesn't come as a surprise to you...
