No fee credit card or Revolut in Europe?

[stephenson]

Hi All,

UK friends are telling us they use Revolut vice debit or cash or credit cards when they travel to France and Spain.

Revolut has a good schtick wrt to best exchange rates, but it would still seem like a credit card with no foreign exchange fees would work well, but with perhaps a lesser exchange rste for Americans in those countries.

I’m getting a bit confused ... anyone else worked the math on this situation?

We usually use Chase Sapphire Reserve card. Good, usable points with a few other bennies.

Always willing to try something new ...

Here’s a related question ... I have a tour guide in Normandy who prefers Euros ... we all know why. How best to get Euros in France to do this? Paypal seems expensive, but not sure how expensive. ATMs will still end up charging, as well, but perhaps less?

Thanks!

 

[OldShooter]

Schwab rebates our ATM fees even when we're outside the US.

For guides who want cash, I get crisp and perfect new $100 bills before I leave home. (In many places around the world, imperfect bills are not usable due to fear of counterfeiting.) I let the guide solve the currency conversion problem.

 

[cathy63]

Where do you live? Revolut is not available to U.S. residents. Foreigners can use the card here, but Americans can't get one.

 

[stephenson]

Cathy - yeah, didn't see that initially - website says, "Coming to the US" ...

OK - so ... I've turned up three different charges to ATM events - some call by different names ...

1. Bank Fee (your bank where you got the card)
2. Bank Fee (the host bank in the host country)
3. Foreign Transaction Fee (a percentage charged by the issuing credit card co)

After reading about Fidelity ATM card, I'm still not completely sure they will pay the 1% or so foreign transaction fee.

 

[cathy63]

I just recently saw some really negative info about Revolut losing some funds transfers for days and blocking accounts without providing any way to contact them except via their app, which they don't staff 24/7. So, I'm not totally sold on them, even if they were available in the U.S.

When we need cash in Europe, I use my regular credit union debit card in a real bank's ATM. I'm paying about 1.1% in total fees and the exchange rate costs me another .65% over the best interbank rate (which I can't access anyway since we don't have anything like a Revolut card available here). We do try to avoid using cash, putting most things on a CC with no foreign transaction fee, but we still generally end up getting the equivalent of about $200/week from a local ATM. Even if you include the exchange rate differential, that's adding about $3.50/week to the cost of our trip, which is a tiny drop in the bucket, so I have decided not to worry about it.

One thing I haven't done is compare whether we get different exchange rates on different CCs. I suspect that's controlled by Visa rather than the issuing banks, but I'm not sure.

 

[bigreader]

Transferwise might work for you. I just got a debit card and haven't really played with it much, but it is the cheapest way that I have found to transfer funds. If the debit card lives up to its hype, it might be what you are looking for.
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[tulak]

After reading about Fidelity ATM card, I'm still not completely sure they will pay the 1% or so foreign transaction fee.

For purchases, you’ll pay the 1% fee (not verified). For cash withdrawals, you won’t pay the fee (verified).

I tested the Fidelity vs Schwab debit cards on a trip to Europe last May. Both gave the same exchange rate for an ATM withdrawal.

 

[stephenson]

tulak,

I'm not seeing where Fido waives the 1% or reimburses the 1% fee ... they do reimburse the ATM fee ... am I missing something ... here's a snip from their video on the topic - note the language lower left side ...

This would seem different than what you are saying you have verified?

 

[audreyh1]

Cathy - yeah, didn't see that initially - website says, "Coming to the US" ...

OK - so ... I've turned up three different charges to ATM events - some call by different names ...

1. Bank Fee (your bank where you got the card)
2. Bank Fee (the host bank in the host country)
3. Foreign Transaction Fee (a percentage charged by the issuing credit card co)

After reading about Fidelity ATM card, I'm still not completely sure they will pay the 1% or so foreign transaction fee.

The Fidelity debit card is a 0% fee card when used at the ATM and they also reimburse any fees charged by the ATM. A 1% foreign transaction fee only applies if you use the debit card at a point of sale like in a ticket machine or in a store.

I have used this card often in Europe.

Normally a credit card with no foreign transaction fees is the most useful in Europe, but you may occasionally need cash and that’s where a no-fee ATM card is most useful.

 

[audreyh1]

tulak,

I'm not seeing where Fido waives the 1% or reimburses the 1% fee ... they do reimburse the ATM fee ... am I missing something ... here's a snip from their video on the topic - note the language lower left side ...

This would seem different than what you are saying you have verified?

This is often a pint of confusion on the card, and it’s odd their language doesn’t make the distinction, but again, the 1% foreign transaction fee only applies at point of sale, and 0% transaction fee applies for ATM withdrawals.

There are many posters here using this card in Europe, and they will tell you the same thing,

 

[OldShooter]

Sorry if this is a repeat of something that has been said, but I have traveled all over the world with the Schwab debit card and have paid no ATM fees or FTFs. ATM fees are reimbursed on my statement and FTFs never appear.

That said, I use the Schwab card exclusively for ATMs and USBank credit card for everything else. No FTFs on that card either. I'm sure at some point I have mistakenly used the Schwab card for a purchase, though, and I'm 99% sure I have never seen an FTF there either.

 

[audreyh1]

Sorry if this is a repeat of something that has been said, but I have traveled all over the world with the Schwab debit card and have paid no ATM fees or FTFs. ATM fees are reimbursed on my statement and FTFs never appear.

That said, I use the Schwab card exclusively for ATMs and USBank credit card for everything else. No FTFs on that card either. I'm sure at some point I have mistakenly used the Schwab card for a purchase, though, and I'm 99% sure I have never seen an FTF there either.

The Schwab card does not charge FT fees for point-of-sale purchases.

It all comes down to where you have accounts, and whether it’s worth opening a brokerage account at Schwab in order to have access to their investor checking for their debit card. If you already have a Schwab brokerage account, then it’s a no brainer.

If you already have a Fidelity brokerage account, then adding their VISA debit card is straightforward and you have no fees for ATM withdrawals overseas. I rarely use the Fidelity debit card for point-of-sale as I will always use a credit card instead if accepted, but if I have to, it’s for a small purchase like a local train ticket, and the 1% fee is thus very small.

I have both debit cards. Other than the POS difference, very minor differences. Fidelity messages me instantly to report any use. Schwab does not. Fidelity reimburses ATM fees within a day of two. Schwab bunches them up and reimburses at the end of the month.

 

[Go-NoGo]

Sorry if this is a repeat of something that has been said, but I have traveled all over the world with the Schwab debit card and have paid no ATM fees or FTFs. ATM fees are reimbursed on my statement and FTFs never appear.

That said, I use the Schwab card exclusively for ATMs and USBank credit card for everything else. No FTFs on that card either. I'm sure at some point I have mistakenly used the Schwab card for a purchase, though, and I'm 99% sure I have never seen an FTF there either.

+1

Charles Schwab for ATM cash withdrawals, Costco Visa for credit card purchases which have 0% foreign exchange fee and close to interbank rates - Europe does not have these choices and hence the "Revolut" hype.

Edit: Also Costco Visa has travel/food rebates - so +2

 

[tulak]

This is often a pint of confusion on the card, and it’s odd their language doesn’t make the distinction, but again, the 1% foreign transaction fee only applies at point of sale, and 0% transaction fee applies for ATM withdrawals.

There are many posters here using this card in Europe, and they will tell you the same thing,

I agree, it would be good if they clarified this in their terms. I’m traveling right now, so it’s hard to look things up, but I remember reading the fee descriptions somewhere, but it might not have been an official Fidelity site.

I went ahead and got the card and tried it in Europe earlier this year. As I mentioned, I got the exact same rate as with the Schwab card with no fees. Just don’t use it to make a purchase or know that you’ll be charged 1%.

 

[stephenson]

Thanks, everyone ... have lotsobucks at Fidelity, but didn't have their debit card ... it's on the way, now.