Chip and PIN credit cards for Europe

[explanade]

OK, just checked on Schwab and they say they are issuing chipped ATM cards.

They refund all ATM fees but they use Visa's official rate.

However, when I check Visa.com, their official rate is high, over 1.16484 for today when the official rate is 1.12:

Exchange Rate Calculator | Visa USA

Maybe their rate lags one day behind?

 

[2B]

OK, just checked on Schwab and they say they are issuing chipped ATM cards.

They refund all ATM fees but they use Visa's official rate.

However, when I check Visa.com, their official rate is high, over 1.16484 for today when the official rate is 1.12:

Exchange Rate Calculator | Visa USA

Maybe their rate lags one day behind?

Since charges from today typically are entered a day or so late, that makes sense. Usually, the exchange rate doesn't change much day-to-day. We have the ECB firing a shot in the currency war we're in that's churning the exchange rate. Nobody can possibly think that low interest rates are inhibiting EU growth. Germany was already much lower than the US. Even Italy and Spain could borrow for what the US government paid on bonds. Only Greece is significantly higher. Does anyone really think that if they lend money to Greece they will actually be paid back euro for euro? I think it's a question of what the next haircut will be.

 

[explanade]

But was there that much change in the exchange rate from yesterday?

OK, checking x-rates.com historical lookup, these were the rates:

1/20/15 1.155747
1/21/15 1.158535
1/22/15 1.141091
1/23/15 1.123204

Oh well, I'm getting a chipped Schwab ATM card sent to me.

I will maybe transfer some money into my account there so that on my next trip, I can compare rates among the cards but I generally withdraw minimal amounts at a time so the difference between cards is likely to be less than a dollar.

FYI, Visa has an ATM location which lets you filter search results for "Chip-Enabled" ATMs but no matter which US or foreign city I try filtering for that attribute, it says none were found:

ATM Locator)

 

[audreyh1]

Audrey
Check out Fido ATM card. No atm fees worldwide, and only 1% exchange conversion fee. It is our go to international card. Never had any problems using anywhere--used in Asia, Turkey, and most of Europe without problems.
Nwsteve

That's exactly what I'm doing, thanks! I just didn't want it linked to our brokerage. But it looks like you can have the same with the Fidelity Cash Management Account, so that's what I'm looking into now.

 

[audreyh1]

But was there that much change in the exchange rate from yesterday?

OK, checking x-rates.com historical lookup, these were the rates:

1/20/15 1.155747
1/21/15 1.158535
1/22/15 1.141091
1/23/15 1.123204

Oh well, I'm getting a chipped Schwab ATM card sent to me.

I will maybe transfer some money into my account there so that on my next trip, I can compare rates among the cards but I generally withdraw minimal amounts at a time so the difference between cards is likely to be less than a dollar.

FYI, Visa has an ATM location which lets you filter search results for "Chip-Enabled" ATMs but no matter which US or foreign city I try filtering for that attribute, it says none were found:

ATM Locator)

What happened yesterday, was that Draghi introduced QE for Europe. This accommodative program has a devaluing effect on the Euro. Yes, the exchange rate can take sudden leaps.

Yes - sometimes rates banks use for conversion lag a day or two.

 

[Corporateburnout]

That's exactly what I'm doing, thanks! I just didn't want it linked to our brokerage. But it looks like you can have the same with the Fidelity Cash Management Account, so that's what I'm looking into now.

I have a Fidelity ATM debit card linked to my Cash management account and not to my brokerage account. I use it whenever we are traveling since they refund all ATM fees I don't have to search for a BOFA ATM.

 

[audreyh1]

I have a Fidelity ATM debit card linked to my Cash management account and not to my brokerage account. I use it whenever we are traveling since they refund all ATM fees I don't have to search for a BOFA ATM.

Looks like what we'll do. Sounds like there are some customer service issues with that account, but as long as the ATM card works OK, we're good.

So you haven't had trouble using the card at any ATM overseas?

 

[Corporateburnout]

Looks like what we'll do. Sounds like there are some customer service issues with that account, but as long as the ATM card works OK, we're good.

So you haven't had trouble using the card at any ATM overseas?

I did not use it overseas but DW had no problem using it on her trip to visit family last year. I think they charge a 1% transaction fee which is not bad.

 

[Sarah in SC]

Another vote for the Schwab debit/ATM card. Last year I closed my BofA account that was opened in 1985 and now use Schwab as my only checking account.


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[audreyh1]

I did not use it overseas but DW had no problem using it on her trip to visit family last year. I think they charge a 1% transaction fee which is not bad.

Yep, 1% with no other fees is very good compared to most options including exchanging cash in Europe.

If you want better, you'll have to open a small Schwab brokerage account. Something to consider if you use a lot of foreign cash.

 

[rodi]

Audrey - I don't think you have to open a Schwab brokerage to get use of Schwab banking. I have both - but I believe you can open schwab bank accounts without the brokerage. They have brick/mortar branches in many cities.

 

[audreyh1]

Audrey - I don't think you have to open a Schwab brokerage to get use of Schwab banking. I have both - but I believe you can open schwab bank accounts without the brokerage. They have brick/mortar branches in many cities.

Their internet pages say you can't open an investor high yield checking without a brokerage account.

Do I have to open a Schwab One® brokerage account with my High Yield Investor Checking account?

Yes. Schwab Bank High Yield Investor Checking is only available when linked to a Schwab One brokerage account. There are no monthly or low-balance fees for either account.

from http://www.schwab.com/public/schwab/banking_lending/checking_account under the "Related Questions" tab.

 

[Sarah in SC]

You can get a debit card on a regular brokerage account but I have both the brokerage and the investor checking account. There aren't any sort of minimums and they have free bill pay.


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[audreyh1]

You can get a debit card on a regular brokerage account but I have both the brokerage and the investor checking account. There aren't any sort of minimums and they have free bill pay.


Sent from my iPhone using Early Retirement Forum

Yes. I don't want a debit card directly on any brokerage. So if I ever had a reason to open a Schwab brokerage account, I would definitely get the checking too.

 

[explanade]

Well 1/25/15 rate on Visa's site is still more than 1% higher than the "official" 1.12 rate if you use Google.

It's showing 1.137586.

 

[audreyh1]

Well 1/25/15 rate on Visa's site is still more than 1% higher than the "official" 1.12 rate if you use Google.

It's showing 1.137586.

That's probably Thursday's rate. It's works something like this: they use the prior day's rate on the posting date for a transaction, and the rate doesn't change over the weekend.

 

[kcowan]

Our chase chip card can be used chipless at many restaurants here in PV MX. Even when they chip is entered they want a signature. Some require you to go to the cashier to enter your PIN. All grocery stores require the PIN and chip.

 

[Helen]

I just received my Chase Preferred VISA card last week, but I did not get a PIN with it. Did anyone get a PIN with their Chase Preferred VISA card?

 

[Meadbh]

I just received my Chase Preferred VISA card last week, but I did not get a PIN with it. Did anyone get a PIN with their Chase Preferred VISA card?

Helen, I am not a Chase customer, but in my experience the PIN is usually sent to you in a separate mailing, for security purposes. It will probably show up within a week.

 

[explanade]

Chase doesn't issue chip and PIN cards.

Any PIN they give you now may be for cash advances.

 

[LoneAspen]

Chase recently replace my old MasterCard with a Chase Sapphire Preferred card, and it's a Chip & Signature, not a Chip & PIN.

As the previous poster replied, any PIN will be for cash advances from an ATM, but it's not a "Chip & PIN" PIN number.

 

[audreyh1]

I just received my Chase Preferred VISA card last week, but I did not get a PIN with it. Did anyone get a PIN with their Chase Preferred VISA card?

For some credit cards you have to call and request a PIN. As the other folks note - that PIN will only be for cash advances.

 

[rodi]

Their internet pages say you can't open an investor high yield checking without a brokerage account.

from Online Checking Account with Free Checks and ATM Fee Rebates | Schwab Bank under the "Related Questions" tab.

I sit corrected. Thanks Audrey.

 

[audreyh1]

Here is a pretty good summary of ATM/debit cards and foreign use fees including foreign transaction fees. They have a lot of institutions listed, but not all as Fidelity and PenFed are both missing. Still, it gives you a good idea of the common fees when using an ATM card overseas.

Debit Card Foreign Transaction and International ATM Fees - NerdWallet

 

[RetireAge50]

My daughter has been using the PenFed visa for purchases and also cash at ATM's in Switzerland and Italy. No problems and no transaction fees. Interest accrues immediately for cash advances but was only 50 cents for the month as the card gets paid off weekly.