Best way to exchange foreign currency?

FYI Ally is still a mega corporate bank - it's just GMAC with a new name. I'm guessing the nice free perks will fade away after their initial marketing push is over, but take advantage while they last!

I was looking to change bank - i think this is the right time to do it. Ally sounds good. At least better than Chase.

I wanted to give you guys a heads up for those that travel overseas.

There is a foreign transaction fee with Ally up to 1%. I called them out on it. I read their deposit agreement and saw this:

"A foreign transaction fee may be charged by ATM owners or merchants at the
point of sale when you use your debit card outside the United States of America"

And than:

"Up to 1% of the transaction"

I also found this literature:

" 19. Ally Debit Cards and Foreign Transaction Fee
If you have requested us to issue a debit card, you agree to the terms and conditions of the Debit
Card Agreement and Disclosure.
If you use your debit card outside of the United States, your point-of-sale debit and ATM transactions
are subject to a foreign transaction fee of up to 1% of the transaction amount."

Do you think they have this on their agreement just to protect themselves and usually waive the fees?

I might have to go towards charles schawb if Ally bank does in fact charge 1% of the ATM withdrawal.

Quote from flyalexair : I wanted to give you guys a heads up for those that travel overseas. There is a foreign transaction fee with Ally up to 1%. I called them out on it. I read their deposit agreement and saw this: "A foreign transaction fee may be charged by ATM owners or merchants at the point of sale when you use your debit card outside the United States of America" And than: "Up to 1% of the transaction" I also found this literature: " 19. Ally Debit Cards and Foreign Transaction Fee If you have requested us to issue a debit card, you agree to the terms and conditions of the Debit Card Agreement and Disclosure. If you use your debit card outside of the United States, your point-of-sale debit and ATM transactions are subject to a foreign transaction fee of up to 1% of the transaction amount." Do you think they have this on their agreement just to protect themselves and usually waive the fees? I might have to go towards charles schawb if Ally bank does in fact charge 1% of the ATM withdrawal.

Mother @#$%!

I know Visa charges a flat 1% on foreign transactions and it is up to the bank to eat it or pass it to the customer with/without an added fee on top.

I hope they don't charge for ATM withdraw and just 1% if the card is being used as a credit card (Visa). I know my credit union gave me free ATM withdraws overseas but charged the 1% if ran as a Visa. However, when I ask them about it, they can never give me a straight answer and say that a 1% may be charged (when it wasn't). I may just call Ally and record the conversation in case they do

Found this on yahoo answers. Looks to be from an ally account, says they reimburse for non-US ATM fees

http://answers.yahoo.com/question...352AAQuKWU

I'll be going overseas soon too and have been wondering what is the best way to handle money. I have a Capitol One MC that has no foreign transaction fees. I also have the Schwab Invest First, now FIA Visa card. I called FIA up and they said there is no foreign transaction fees associated with my card. So I'll use either of those as much as possible.

As for having foreign currency on hand, sounds like ATMs are the best way to go. My credit union charges 1% and does not reimburse ATM fees, so I might open an Ally account for that.

Quote from flyalexair : I wanted to give you guys a heads up for those that travel overseas. There is a foreign transaction fee with Ally up to 1%. I called them out on it. I read their deposit agreement and saw this: "A foreign transaction fee may be charged by ATM owners or merchants at the point of sale when you use your debit card outside the United States of America" And than: "Up to 1% of the transaction" I also found this literature: " 19. Ally Debit Cards and Foreign Transaction Fee If you have requested us to issue a debit card, you agree to the terms and conditions of the Debit Card Agreement and Disclosure. If you use your debit card outside of the United States, your point-of-sale debit and ATM transactions are subject to a foreign transaction fee of up to 1% of the transaction amount." Do you think they have this on their agreement just to protect themselves and usually waive the fees? I might have to go towards charles schawb if Ally bank does in fact charge 1% of the ATM withdrawal.

Bumping this to see what happened. Did you use Ally and escape the fee?

Quote from wes : Bumping this to see what happened. Did you use Ally and escape the fee?

So after doing a lot of research and calling around, Charles Schwab is the best way to go!

They have true free atm wtihdrawals overseas. Ally Bank is free but charges a 1% foreign assessment fee" or something like that. CHarles does not. Opened account and I am satisfied!

Here's an article published last year on a reporter's experience exchanging currency.

http://www.washingtonpost.com/wp-...05134.html