Check cards now charge same currency conversion fee just as credit cards do, except may be some old E-Trade account types which are not open to new accounts.
Check cards (ATM cards) used to have advantage on credit cards due to : 1) no currency conversion fee, 2) no financial charge (interest) as it directly takes money out from your bank account, while credit card is a cash advance.
Now ATM cards lost the advantage on the conversion fee, however, it sill will not incur financial charges. Never use credit cards to withdraw money from ATM unless you have no other means as the withdrawal is treated as cash advance - that means you have at least 3 fees involved :
1) currency conversion fee (ATM cards also pay),
2) cash advance fee (ATM cards do not pay, but ATM cards now charge International ATM fee, at least Chase, Citi, Bank of America, do. E-Trade is not a bank per se, it is an online financial institution or an online bank. Besides, unless you own certain types of E-Trade accounts before, new customers DO NOT ENJOY same benefits).
3) financial charges (interests), because it is considered lending money to you.
There are so much outdated info offered by people based on prior experiences as late as early this year. However, many people learned it the hard way when they were hit by the fee using the ATM cards to take money out overseas, just as in the past. I am one of those people, FYI. Then I did some research and found out there very few ways to avoid the new fees, unless you own some credit union accounts, or E-Trade accounts in the past. MBNA used to be no fee, but now they started charging since Bank of America bought MBNA.
My prediction is, very soon in the future, even the good old E-Trade will start charge fees.
Check cards (ATM cards) used to have advantage on credit cards due to : 1) no currency conversion fee, 2) no financial charge (interest) as it directly takes money out from your bank account, while credit card is a cash advance.
Now ATM cards lost the advantage on the conversion fee, however, it sill will not incur financial charges. Never use credit cards to withdraw money from ATM unless you have no other means as the withdrawal is treated as cash advance - that means you have at least 3 fees involved :
1) currency conversion fee (ATM cards also pay),
2) cash advance fee (ATM cards do not pay, but ATM cards now charge International ATM fee, at least Chase, Citi, Bank of America, do. E-Trade is not a bank per se, it is an online financial institution or an online bank. Besides, unless you own certain types of E-Trade accounts before, new customers DO NOT ENJOY same benefits).
3) financial charges (interests), because it is considered lending money to you.
There are so much outdated info offered by people based on prior experiences as late as early this year. However, many people learned it the hard way when they were hit by the fee using the ATM cards to take money out overseas, just as in the past. I am one of those people, FYI. Then I did some research and found out there very few ways to avoid the new fees, unless you own some credit union accounts, or E-Trade accounts in the past. MBNA used to be no fee, but now they started charging since Bank of America bought MBNA.
My prediction is, very soon in the future, even the good old E-Trade will start charge fees.
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