AOPA MBNA Mastercard/Visa foreign transaction question

Ron Natalie wrote:
Jessica Taylor wrote:

Credit cards are still one of the cheapest way to convert money, but
banks adding their own fees after the network converts it to US
dollars is something I'd rather avoid. (Many credit unions do not do
this, although I don't want another credit card at this time.) Some
of the new fees apply for all foreign transactions, even if it was
already in US Dollars.


I used my ATM card in France in September twice and there was no service
charge and the Euro-Dollar conversion wasn't too far off (certainly
less than 3%) from the rate in the newspaper.

Yes ATM cards a great way to exchange money (as long as there isn't a
big power/computer failure a la Italy a few summers ago). Generally the
transactions take place over Visa's PLUS or MasterCard's CIRRUS network,
and the networks charge 1% over the wholesale exchange rate, a good
deal. Bank of America doesn't charge fees if you use an international
bank in their "global alliance" network, i.e. Barclays (UK), BNP Paribus
(FR).

Some banks charge extra fees for ATM transactions out of the country,
but many do not (far less widespread than extra bank charges for credit
cards).

The newly raised fees for MBNA credit cards mentioned earlier have been
taking place since March 2005, before that MBNA didn't charge fees for
foreign transactions for all of their VISA or MasterCard credit cards.