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08-17-2017, 03:38 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Posts: 1,660
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Foreign Transaction Fees
Booked a bunch of travel with the Costco Citi Visa since it has 3% cash back for travel. They took it back with an offsetting 3% FTF fee. Just a heads up. I should have read the fine print.
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08-17-2017, 03:54 PM
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#2
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Recycles dryer sheets
Join Date: Nov 2016
Location: San Jose
Posts: 466
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I use Barclaycard Arrival World Mastercard for travel, but it is not available anymore. For airline tickets, there is PenFed Premium Travel Rewards AmEx. It does not have annual fee or foreign transaction fee. For other payments abroad, PenFed Power Cash Back Visa is one of the best.
__________________
Retired Sep 2023 @56
Target AA: 50% stock / 20% bond / 30% cash
Target WR: ~3.6%
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08-17-2017, 04:03 PM
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#3
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gone traveling
Join Date: Nov 2011
Location: The Deep South Bay
Posts: 744
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Quote:
Originally Posted by Alex The Great
I use Barclaycard Arrival World Mastercard for travel, but it is not available anymore. .
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Yep, I used it for an overseas project and it saved me a few bucks
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08-17-2017, 04:16 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Oct 2015
Posts: 2,307
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Yes, fine print is very important! I recently discovered that not all cards are equal in their coverage of rental car insurance. One of my cards, for example specifically excluded rentals in Italy, and another Ireland (i can sort of understand Italy as drivers are crazy aggressive there), but no idea why Ireland was blacklisted by one of the cards.
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08-17-2017, 04:49 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Feb 2013
Location: Toronto
Posts: 3,320
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We use an Amazon Visa which gives spot exchange rates for almost all of the world's currencies. Those it doesn't, you probably won't want to be visiting. It does charge $5 or 1% fee on ATM withdrawals (whichever is more) in foreign countries.
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08-17-2017, 05:07 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
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Our Wells Fargo ATM charges $5 plus 5% for foreign cash withdrawals.
We use a credit union ATM card that gives us full currency value and no charges.
All year long, we use a Capital One Venture Card that pays back 3% and we apply it toward travel. We usually have one free European airfare every year. And all Capital One charge cards do not charge transaction fees and gives you full credit on the currency conversion.
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08-17-2017, 05:16 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
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Use the Sam's Club Master Card. 3% back on travel, no foreign transaction fees.
Maybe they have the hidden screw with exchange rates?
Quote:
You will earn 3% Cash Back on Eligible Purchases made at Travel merchants located worldwide (excluding warehouse clubs other than Sam's Club).
Travel merchants are generally merchants identified by their MCC in categories such as airlines, rental cars, hotels, passenger rail travel, bus lines, cruise lines, timeshares, travel agencies, travel sites and tour operators.
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__________________
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
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08-17-2017, 10:51 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Coronado
Posts: 3,675
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Yep, the Costco card is the best one we have for domestic transactions, but for foreign travel we use a Wells Fargo or Amazon card with no fees, and a credit union ATM card for cash.
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08-18-2017, 03:07 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,013
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Quote:
Originally Posted by RetireAge50
Booked a bunch of travel with the Costco Citi Visa since it has 3% cash back for travel. They took it back with an offsetting 3% FTF fee. Just a heads up. I should have read the fine print.
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Yeah, I only use it for domestic travel expenses. I use the Bank of America Travel Rewards or First Tech Odyssey MasterCard for foreign travel expenses. These both offer cash/credit back rewards plus no foreign transaction fees.
__________________
Retired since summer 1999.
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08-18-2017, 03:08 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,013
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Quote:
Originally Posted by Senator
Use the Sam's Club Master Card. 3% back on travel, no foreign transaction fees.
Maybe they have the hidden screw with exchange rates?
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Should be standard MasterCard exchange rate, so don't worry about that - at least not compared to other MasterCards
__________________
Retired since summer 1999.
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08-18-2017, 05:28 AM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2014
Posts: 7,327
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Yeah, sometimes you don't know till you actually use it. My Fidelity Visa charges 1% (well, there goes half my 2% cash back). Fortunately on my last trip, the 2 major chunks- airfare and Airbnb- were charged in $US.
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08-18-2017, 06:38 AM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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Beware that many organizations will offer to bill you in your home currency. They will add a convenience fee that is always > 2.5%. So ask for their local price.
__________________
For the fun of it...Keith
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08-18-2017, 06:50 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2012
Posts: 6,138
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Quote:
Originally Posted by kcowan
Beware that many organizations will offer to bill you in your home currency. They will add a convenience fee that is always > 2.5%. So ask for their local price.
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+1
In addition, the exchange rate they bill at will not be as good as the exchange rate you get from the card. When I did this earlier this year at a hotel in China and chose the yuan, it saved us close to $200 on a $2000 bill.
__________________
FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
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08-18-2017, 08:59 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2006
Location: west coast, hi there!
Posts: 8,808
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Our choices:
Chase Sapphire Visa Preferred: 3% back on travel, NTF, good exchange rates
Schwab debit: for cash, they refund any ATM charges, good exchange rates
Secondary cards:
Bank of America Travel Rewards Visa
First Tech debit: was told they do not refund ATM charges
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08-18-2017, 09:02 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Feb 2013
Location: Toronto
Posts: 3,320
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Quote:
Originally Posted by kcowan
Beware that many organizations will offer to bill you in your home currency. They will add a convenience fee that is always > 2.5%. So ask for their local price.
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+2
On this. The local business is making the profit on the unfavourable exchange rate rather than the credit card company making it. Last week, I was very surprised that a clerk in Hamley's in London asked me if I wanted to be charged in CAD. No thank you very much!
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08-19-2017, 02:11 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 1,183
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Quote:
Originally Posted by 6miths
We use an Amazon Visa which gives spot exchange rates for almost all of the world's currencies. Those it doesn't, you probably won't want to be visiting. It does charge $5 or 1% fee on ATM withdrawals (whichever is more) in foreign countries.
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I have an Amazon Chase Visa card. They changed it to 0% FTF in the last year or so (yeah!). But you mention ATM withdrawals ... how does that work? I thought it was just a credit card and I don't have a pin for it, to my knowledge.
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08-19-2017, 03:16 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2006
Location: west coast, hi there!
Posts: 8,808
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Quote:
Originally Posted by kramer
I have an Amazon Chase Visa card. They changed it to 0% FTF in the last year or so (yeah!). But you mention ATM withdrawals ... how does that work? I thought it was just a credit card and I don't have a pin for it, to my knowledge.
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I think you could arrange to have a pin for your CC but there would be fees so this is not the recommended way to get cash. Best to use a low/no fee debit card.
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08-19-2017, 07:47 PM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2010
Posts: 5,862
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We use a Chase Visa with FX admin fees. Just did a foreign purchase last week. The exchange rate on the settlement date equaled the rate on FX.com to the fourth decimal. The slight differences were probably attributable to time.
We always ask to be billed in the local currency. The only exception is some airlines. They often have extremely attractive conversion rates.
Asking if we wished to be billed in our home currency seems to be very common in FLL and MIA. And Avis does it every time unless we check....and I cannot seem to get this fixed on my avis preferred account.
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08-19-2017, 10:43 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Feb 2013
Location: Toronto
Posts: 3,320
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Quote:
Originally Posted by kramer
I have an Amazon Chase Visa card. They changed it to 0% FTF in the last year or so (yeah!). But you mention ATM withdrawals ... how does that work? I thought it was just a credit card and I don't have a pin for it, to my knowledge.
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We originally got the card when DS went to Australia to work. The idea is to put money into the account and then withdraw as a cash advance. There is a 1% charge to withdraw at an ATM but no FOREX charge. This is better than the bank exchange rate when using a debit card with no transaction fee.
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08-20-2017, 12:48 AM
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#20
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Thinks s/he gets paid by the post
Join Date: Aug 2007
Posts: 2,858
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Quote:
Originally Posted by 6miths
We originally got the card when DS went to Australia to work. The idea is to put money into the account and then withdraw as a cash advance. There is a 1% charge to withdraw at an ATM but no FOREX charge. This is better than the bank exchange rate when using a debit card with no transaction fee.
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For cash, I'd recommend the Schwab Debit Card. You can open an investor checking account with them and don't need to have any other accounts funded. Their debit card charges 0% foreign exchange fees and they reimburse you for any ATM fees. Works great.
__________________
Eat, Drink and Be Merry.
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