How can you avoid high ATM fees overseas?

[Winston]

The last few times I withdrew cash at an ATM in Taiwan from my Bank of America account, I got charged fees totaling close to $10 per withdrawal. Dang!

It used to be $5 when I was in the Philippines. How did it double? Or are ATM fees just higher in Taiwan than in the Philippines?

In any case, how can you avoid such high ATM fees? Any suggestions?

Momopi? Rock? Ladislav? How do you handle this problem? Any suggestions?

[momopi]

The last few times I withdrew cash at an ATM in Taiwan from my Bank of America account, I got charged fees totaling close to $10 per withdrawal. Dang!
It used to be $5 when I was in the Philippines. How did it double? Or are ATM fees just higher in Taiwan than in the Philippines?
In any case, how can you avoid such high ATM fees? Any suggestions?
Momopi? Rock? Ladislav? How do you handle this problem? Any suggestions?

Call Bank of America's office in Taiwan and ask them.

BofA has been in TW since 1965 and has a staff of 140. I'm not aware of BofA ATM's in TW but they can probably help you find lower cost options.

[Banano]

Try Citibank, no fees anywhere in the world, no monthly acc keeping fees.

I used to get charged 5 bucks per withdrawal then I decided to switch.

[MrPeabody]

In Mexico, if you have a Bank of America account, you can withdraw pesos with zero fees from Santander Bank ATMS. Check with Bank of America to see if they have any agreements with Taiwan Banks for customers to use their ATMS without fees.

[Jester]

Try Citibank, no fees anywhere in the world, no monthly acc keeping fees.

I used to get charged 5 bucks per withdrawal then I decided to switch.

Banano, I suspect you have CitiBank Gold.
http://en.wikipedia.org/wiki/Citigold

I don't think this applies to regular CitiBank accounts. I read my T's and C's when i opened CitiBank and international fees do apply - at least to me.

[Jester]

In any case, how can you avoid such high ATM fees? Any suggestions?

Charles Schwab has an account, I forget what they call it. Money market account or cash account or something. No ATM fees anywhere, and I think they refund foreign bank ATM fees too. Minimum is only $500 to open.

You do NOT have to have an investment or trading account with them.

Read this a while back, and called them because I didn't believe it. They answered the phone easily and confirmed it.

[Winston]

Try Citibank, no fees anywhere in the world, no monthly acc keeping fees.

I used to get charged 5 bucks per withdrawal then I decided to switch.

Banano, I suspect you have CitiBank Gold.
http://en.wikipedia.org/wiki/Citigold

I don't think this applies to regular CitiBank accounts. I read my T's and C's when i opened CitiBank and international fees do apply - at least to me.

You're right. I think it's only free to withdraw from Citibank as long as you use a Citibank ATM. Otherwise, there are fees. The domestic fees are very small, but the international fees may be just as big as B of A's.

Momopi, I've never seen a single B of A branch in Taiwan. WTF? Why would B of A be in another country? I will ask their customer service about it though, and check their site.

These folks say there is no B of A ATM machine in Taiwan:

http://answers.yahoo.com/question/index ... 433AAdpH2A

[Winston]

Ok I just talked to BofA customer service through their site via chat window. They told me that there is no B of A branch in Taiwan at all. I told them that one is listed by Google on this page:

http://www.amcham.com.tw/component/opti ... temid,228/

But the customer service rep said it doesn't exist. Is that odd or what? Why would the American Chamber of Commerce in Taipei list a BofA branch that doesn't exist? lol I should try to email them about it. lol

[Billy]

In Germany we have DKB and Comdirect. They are online banks. Normally all ATMs in the world can be used without charge. But the approval may not work as most likely you must stay in Germany for the application but you can move afterwards.

[Contrarian Expatriate]

Ok I just talked to BofA customer service through their site via chat window. They told me that there is no B of A branch in Taiwan at all. I told them that one is listed by Google on this page:

http://www.amcham.com.tw/component/opti ... temid,228/

But the customer service rep said it doesn't exist. Is that odd or what? Why would the American Chamber of Commerce in Taipei list a BofA branch that doesn't exist? lol I should try to email them about it. lol

That is likely not a consumer banking branch, but an investment finance office that handles their Asian portfolio.

As for the ATM fees, open a local account and wire some BOA funds there or find the local bank that charges no or low fees and use their ATMs only.

[CheezeRaider]

This probably don't apply to Winston, but if you have some sort of military ties, you can open up USAA. These guys don't charge me anything. Their also a credit union so their rates are generally lower on most thing.

I use USAA as I'm traveling the world and I'm very happy with them. Also my customer services experience with them has been excellent.

[Winston]

Ok I just talked to BofA customer service through their site via chat window. They told me that there is no B of A branch in Taiwan at all. I told them that one is listed by Google on this page:

http://www.amcham.com.tw/component/opti ... temid,228/

But the customer service rep said it doesn't exist. Is that odd or what? Why would the American Chamber of Commerce in Taipei list a BofA branch that doesn't exist? lol I should try to email them about it. lol

That is likely not a consumer banking branch, but an investment finance office that handles their Asian portfolio.

As for the ATM fees, open a local account and wire some BOA funds there or find the local bank that charges no or low fees and use their ATMs only.

Wire transfers cost at least $30. No way. Much easier to just write a check from one account to another. Checks are free to deposit. But what if you are traveling? Then there's no way to avoid the ATM fees.

[royaldude]

you can also use fidelity they give you an atm debit card very low fees anywhere abroad.

[momopi]

Momopi, I've never seen a single B of A branch in Taiwan. WTF? Why would B of A be in another country?

Why wouldn't Bank of America be in another country? It's financial services. B of A is in over 40 countries. In Hong Kong you'll find the Bank of America Tower.

http://www.bloomberg.com/news/2012-02-2 ... ing-p.html

[polya]

Fees are here to stay. Try to withdraw large amount of money not very often. It's a waste to get a "Cash Passport" from Travelex as the fees are worse than a bank.