Cheap bank ATM fees?

[JJW]

Got my answer. Thanks

 

[jungleboy]

If you live outside the euro zone, I would open a Wise bank account and create a euro balance in it. Then you’ll have small fees to convert your currency into euros through Wise and then no currency conversion fees at ATMs on the camino.

 

[Bartman]

I found this chart last year. Can't remember the source. Hope it helps.
Buen Camino,
Bartman

 

[CWBuff]

Not sure if it totally helps as per subject
, but some of us opened Charles Schwabb checking account just fir the purpose of international travel. Stuff it with enough money before the trip and use the ATMs wherever you like.
All the fees are refunded ... which makes it the cheapest option

 

[TravellingMan22]

I found this chart last year. Can't remember the source. Hope it helps.
Buen Camino,
BartmanView attachment 168814

That’s broadly still in the right ballpark re fees. For a UK debit card holder (me) most of the mains banks seem to be at €7 Euros. Sabadell seems to have increased though still one of the cheapest and when I last used DB they seem to be asking for a €4 fee.

You can download an App called ‘ATMfeeSaver’ as well, which I have used for the first time in Colombia during the last few weeks and it has proved to be accurate. Spain looks accurate with all the usual caveats.

 

[Peterexpatkiwi]

Thanks jungle, but see CW’s post below for the best option.

It completely depends on where you are coming from, many of us are not American - which makes Wise the best option for us, as @jungleboy said.

 

[CWBuff]

True but OP IS American

 

[J Willhaus]

I heard someone paid a fee of 56euro to w/d 300euro. To those walking now, what are the best banks for low ATM fees?

I now have a card through the Charles Schwab organization. No cost checking account although they also make you open a brokerage account you don't have to fund it. ATM fees are refunded using the debit card. Just using it when I travel, but I notice they are also paying me some interest on the checking account.

 

[Camino Chrissy]

We have had the Charles Schwab debit card and brokerage account for over six years, and have been very happy with the reimbursement of all ATM fees, as @CWBuff has said in post #4. It is a good option for US residents, although recently I've been noticing that other bank cards are starting to offer similar advantages.

 

[JabbaPapa]

See this thread :

https://www.caminodesantiago.me/community/threads/atm-fees-which-ones-are-a-rip-off.66844/

 

[Kitsambler]

(American here). Long-time user of Schwab, and very happy with their service when I travel. Several other US banks also offer ATM-fee reimbursement, especially the online-only companies. But this account feature seems to come and go. Bank of America for example, offers some years but not others (while keeping the change-over a secret from account holders. So, regardless of your financial institution, it might pay to confirm their reimbursement status before you leave home.

 

[trecile]

I agree @Kitsambler. And some of them will refund a limited number of ATM fees each month. With Schwab it's all ATM fees. Plus there's no fee to open the account, and no minimum balance required.

 

[Perambulating Griffin]

$56 on 300 sounds like the exchange rate, not the ATM fee.

 

[trecile]

$56 on 300 sounds like the exchange rate, not the ATM fee.

I think that you're right.

 

[JabbaPapa]

This thread too :

https://www.caminodesantiago.me/community/threads/atm-choices-in-spain.77671/

 

[trecile]

It was me and it was an ATM fee.

Which bank was that at?

 

[trecile]

Thanks for all the input no matter where you hang your hat. I think the mods can close this string now.

I think that people are still providing useful information for other members, so we can leave it open for now.

 

[Sandra Wolf]

Deutsche bank charged €5 on €300 withdrawal using a Commonwealth bank travel card that was charged up in Euros..? Not free.

 

[WalkinRon]

I was always charged seven euros each time I used an ATM. The most common ATMs that I saw on the Camino Frances were Santander and Caja Rural. Santander always worked, no problem. Caja Rural sometimes rejected my transaction when I declined their offer to do the transaction in dollars instead of euros. At ATMs, restaurants, shopping, etc. always choose the local currency--euros not dollars.

Buen Camino!

 

[TravellingMan22]

Deutsche bank charged €5 on €300 withdrawal using a Commonwealth bank travel card that was charged up in Euros..? Not free.

DB was free (for UK cardholders and many other I think) ) until late last year. The last time I used them was Sept last year when a fee had been introduced!

Spain tends to charge more than many other major European countries (certainly from a UK standpoint). Italy and Germany certainly are cheaper and in many cases free.

 

[TravellingMan22]

Which bank was that at?

Yes can you clarify which bank do we can all avoid please. I have yet to find any Spanish bank that charges more than €7. I have found some that charge you around 15% mark up on currency conversion (though 8-10% seems more typical) so I can get to €300 *15% +€7 which is €52 so same ballpark but not as the fee alone…? Sorry not looking to doubt but never seen this anywhere world wide, evens standalone ATMs outside Casinos.

 

[TravellingMan22]

I hear it was Caixa. Bartman gave a good graphic and referred to an international app that is current. Good Travellin’!

They were one of the cheapest up until 3 years ago (€2) but then jumped to €6-7. Bearing in mind that they charge a transaction fee rather than a percentage are we really saying make a €20 withdrawal would cost €76

 

[Peterexpatkiwi]

Except that puts the exchange rate at almost $1.20 to the euro. Which is a lot more than it is at the moment.

That is a trap that many fall into - thinking that any given bank will just charge the published exchange rate. Which also varies depending on whether you are talking about the current floating rate or the current fixed rate. There are of course other variables.

Banks can (and do) charge what they wish. Naturally most wish to remain competitive, and so only charge a few points more than the published daily rate. However if you were simply withdrawing funds from a ATM, you are pretty much considered to be a captive audience shall we say. And independent ATMs often charge a small fortune.

Google's says the rate right now is €1.07. / $1.00 USD. Adding in the additional costs that they have, €1.20 is not out of the question for an independent ATM.

A rip off ? Definitely. But not, sadly, illegal.

 

[Perambulating Griffin]

Except that puts the exchange rate at almost $1.20 to the euro. Which is a lot more than it is at the moment.

Yes, but most banks charge a fee for the exchange. Where I live the fee takes it to about $1.53 to the euro, about 20 cents more per euro than the actual exchange rate. The only place with worse rates is the local international airport.
It makes better sense for me to change money when I land in the EU.
YMMV, but in general no bank proves the posted exchange rate... that rate is what the banks pay in currency trading.

 

[TravellingMan22]

Yes, but most banks charge a fee for the exchange. Where I live the fee takes it to about $1.53 to the euro, about 20 cents more per euro than the actual exchange rate. The only place with worse rates is the local international airport.
It makes better sense for me to change money when I land in the EU.
YMMV, but in general no bank proves the posted exchange rate... that rate is what the banks pay in currency trading.

Blimey that’s heavy. Thought the EU to CAD rate was around 1.46 so thought you would get no less than 1-2 points off!

 

[simoncooper99]

For the British. I had a halifax clarity card which had no fees on ATM transactions or purchases + the rate was good. The ATM I always used for cash was Abanca - which also didn't add any transaction charges - also the case for other non EU visitors.

 

[truenorthpilgrm]

Charles Schwab all the way!

*editing to clarify: my answer is based on OP’s location-which I thought would be self-explanatory. Apparently for some it’s not.

 

[Perambulating Griffin]

Blimey that’s heavy. Thought the EU to CAD rate was around 1.46 so thought you would get no less than 1-2 points off!

Nope... totally *brutal*.
It's been worse though... The year I lived in Dublin, my 600 euro bed-sit was costing me about $1100 a month -- and that was on SWIFT transactions!
At any rate, I have never had anything to complain about really with the ATM fees.
I recommend taking out 300 euros at time... one can live on that for about 10 days.
I also recommend splitting up one's cash so that if you misplace *some* there's still a stash elsewhere. I generally have mine in 3 different locations.
If I pay $3-$7 euros at an ATM... and I'm not always forced to the use the more expensive ones. then a month of cash only costs me a maybe 50 to 60 cents per day. 1/10th of a single shoddy latte price at home.
Next year maybe I will get a WISE account.
But these are my strategies for camino... a little bit of *chill*, a little bit of minimising ATM use...

 

[Perambulating Griffin]

Charles Schwab all the way!

For the Americans.

 

[Tincatinker]

I’m always slightly perplexed when I see “cheap” and “bank” in the same sentence. The concept of “safe sex” was an easy one even as a teenager. “Fair days pay for a fair days work” is a given. But cheap bank, c’mon, somebody’s gonna be requesting a free lunch next

 

[truenorthpilgrm]

For the Americans.

I’m well aware of this, and my answer was based on OP’s location of Oregon.

 

[trecile]

Banks can (and do) charge what they wish. Naturally most wish to remain competitive, and so only charge a few points more than the published daily rate. However if you were simply withdrawing funds from a ATM, you are pretty much considered to be a captive audience shall we say. And independent ATMs often charge a small fortune.

Always, ALWAYS decline the "courtesy" conversion at ATMs and at cash registers. It only benefits the bank/vendor. I get an immediate notification when I withdraw money from my Schwab account, and the amount in US$ is always a few Euros less than what I was offered as "courtesy" when it asks if I want to use Euros or US$.

 

[JJW]

I found this chart last year. Can't remember the source. Hope it helps.
Buen Camino,
BartmanView attachment 168814

Thanks again Bartman, Kuxtabank atm in pamplona 4/30/2024: no fee and $/euro = $1.07/1e. Use any valid bank card you already have.