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Capital one ATM will charge foreign conversion fee soon

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texas
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Capital one ATM will charge foreign conversion fee soon

Few weeks ago I went to a local capital one branch to open an account to get ready for my upcoming trip to Europe (early August).

I found out that starting August 15 this year, Capital One will charge a 3% foreign transaction fee on ATM withdrawals. I don't know if this is also applicable to their credit card or not. My plan now is to do most of my withdrawals before this date and to use the credit card on most of my transactions. Anyone heard anything about capital one credit card and transaction fee lately?

New York City, New...
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1. Re: Capital one ATM will charge foreign conversion fee soon

I heard similar news but I thought the 3% fee didn't begin till September. I'm also trying to figure out how to avoid incurring various fees and surcharges when traveling abroad. I actually posted on this topic in the Bargain Travel Forum.

tripadvisor.com/…42239709

You raise a good question about whether the 3% fee applies to Capital One credit cards. I have one and was under the impression that the fee only applied to the ATM card but on reflection I'm wondering if that is not the case. I have to say that I wouldn't be surprised if Capital One also intends to tack on that charge to their credit cards ...

texas
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2. Re: Capital one ATM will charge foreign conversion fee soon

I called Capital One credit card and confirmed that there's no foreign conversion fee on their cards for now.

Wisconsin
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3. Re: Capital one ATM will charge foreign conversion fee soon

We have a Capital One credit card that we got just because of the "no foreign conversion fee" feature. However, we've never tried using it in an ATM machine. We just use it as a credit card. Are there different types of Capital One cards?

New York City, New...
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4. Re: Capital one ATM will charge foreign conversion fee soon

Yes. In addition to Capital One credit cards they offer debit cards and ATM cards. If you use your credit card to withdraw cash that would count as a cash advance. Of course, you would want to avoid this at all cost as you would be charged a very high rate for the cash "loan".

St Paul, MN
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5. Re: Capital one ATM will charge foreign conversion fee soon

The customer service at Capital one is really bad

…wsj.com/article/SB1000142405270230337920457…

It took me 5 months and numerous phone calls to clear up a simple double billing fraud. Never had a problem like this with my other cards. I cancelled my card after that. the ONLY reason I had a Capital One card was for the 0% foreign exchange fee. Dump Capital One. There is no advantage with having one.

I get 2% cash back on my Wells VISA and the foreign transaction fee is 3% that adds to an effective 1% fee. My Chase VISA is also charges 3% but I get points for buyng stuff at Amazon so it works out to less because I buy even my medicine and vitamins at Amazon. Check out other options online.

New York City, New...
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6. Re: Capital one ATM will charge foreign conversion fee soon

Capital One fined for deceptive credit card practices:

…nytimes.com/2012/…

Miami Beach, Florida
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7. Re: Capital one ATM will charge foreign conversion fee soon

This is very upsetting. I've been pushing Capital One credit and ATM cards for years now. It doesn't mention the conversion fees though, so I guess they still won't charge for that?

New York City, New...
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8. Re: Capital one ATM will charge foreign conversion fee soon

The fx conversion fees are an unrelated topic to what the article covered. Hence, I would expect the 3% transaction fee to be imposed in the future, as per my earlier post. And based on natureflyTexas' reported conversation with Capital One, it would be appear that as of the time of his/her call, the 3% fee does not apply to credit cards, at this point.

K&E
Boston MA
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9. Re: Capital one ATM will charge foreign conversion fee soon

Many TA posters recommended using a money market savings with Capital One with a "no fee" ATM for cash withdrawals during our Italy vacation.....unfortunately Capital One informed me today that this product is no longer offered. (Aug 2012) The only option they have is a checking acct with ATM card that zaps a 2.2% foreign transaction fee. Too bad Capital One changed this - it was a great option for traveling to Italy!

United States
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10. Re: Capital one ATM will charge foreign conversion fee soon

I have had wonderful customer service with CapitalOne. They were the only ones who answered the phone personally and didn't put me through menu hell when I had to cancel cards after my wallet was stolen in Spain. They issued me a new card and coordinated efforts to get it sent to me. I've also called them to inquire about charges I didn't recognize and they did the research while I was on the phone.

However if they start charging foreign fees, then the reason I got the card in the first place is no longer valid. I have other cards which don't charge as much overhead and my ATM card charges are very low, I can pay cash.

TAB

Edited: 08 August 2012, 12:44