With the new regulations stopping the banks from overcharging for some services - they seem to be staying up all night looking for new ways to zap the customers.
Now they charge for using your bank cards overseas. In the past - one always worried about exchanging American dollars for pounds or euros - whenever they traveled to Europe. When you got off the plane in London or Paris - you wanted to get the best exchange rate - but the last place should you do it is at a "money exchanger" shop. Their big signs saying they charge no commission - is not a lie - they just charge you a fee and their exchange rate has more charges build in.
Usually the best way to get money was to use your bank card at an ATM machine or just pay with credit card. Now - you even have to be careful of that. After get a $9 charge for taking 200 pounds ($300) out of my Wachovia Bank account using my ATM card - I was cranky enough to email my banker to tell him of my displeasure. He said that from now on - Wachovia will charge me $5.00 plus 3% of whatever I withdraw overseas from my account with an ATM card. That's no good.
I then checked with American Express and they said they will charge me a 3% fee for any purchase that I use my credit card outside the USA. An example would be a $50 theatre ticket would cost me $51.50 - even if I pay my balance of on time every month. At least there is no $5.00 transaction fee.
My son told me that there are credit cards on the market right now that guarantee no international fees. By this time next year - I plan to carry one.
