Posted by Chuck on January 26, 2020
Checking Accounts

Published on January 26th, 2020 | by Chuck

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TD Bank Adds ATM & Foreign Transaction Fees

TD Bank sent out an update that they’ll be adding on their debit card a 3% foreign transaction fee and a $3 non-TD ATM fee. They used to not charge any foreign transaction fee, and they used to waive ATM fees as well.

Related: Best Debit Cards For International ATM Cash Withdrawals

Hat tip myi ddf



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ken li
ken li

good thing i on etrade.
no ATM fee everywhere.

Joe
Joe

Ok?

Bill
Bill

Given this what bank is the best to use for overseas cash withdrawals? Very disappointed with TD bank over this and now thinking abut opening up an account with another bank for international travel purposes.

Kcihtred2
Kcihtred2

Schwab generally. Ironically schwab is buying td

Gerald
Gerald

Schwab is buying TD Ameritrade, which was formed when Ameritrade bought the U.S. operations of TD Waterhouse from Toronto Dominion Bank, which is known as TD Bank in the U.S. So what Schwab is buying is only historically related to TD Bank.

I’ve been using Schwab for years for overseas access to cash. With their mobile app, it’s easy to deposit U.S. checks in your account, with funds being available a couple of days later.

Kcihtred2
Kcihtred2

Interesting. TD isn’t in my area so never looked into it

Peter Lobl
Peter Lobl

Schwab is awesome with their refunding of foreign ATM fees too — their dollar/euro conversion rate is fair as well

miafll
miafll

Not the same company at all.

In fact we have TD Bank account and the bank sent out clarification letter to tell customers that they have NO relationship with TD Ameritrade which TD sold its US brokerage business to Ameritrade when the brokerage was called TD Waterhouse – but TD Toronto HQ forgot to protect its trade mark so Ameritrade decided to use it ever since…

BTW we have both accounts but only TD sends out announcement to clarify what is going on. Presumably TD Ameritrade customers are smarter to know what is going on. The brokerage firm only sent out letter to inform the sale to Schwab.

myi

What you can do is upgrade to a TD premiere checking account which requires $2,000 inside and you can still get a fee free card to use abroad.

Ivan
Ivan

Schwab, SoFi Money, Capital One 360 and Aspiration

Nick
Nick

Capital one 360 doesn’t reimburse atm fees if there are any. Add fidelity to that list.

anonymous
anonymous

Fidelity charges a foreign transaction fee.

anonymous
anonymous

It’s worth noting that in some countries, Italy, for example, bank ATMs typically don’t charge a fee to anyone for withdrawing cash. There are a few exceptions. So the Capital One 360 account is a great choice, given that they don’t charge FTFs or an ATM fee of their own.

Dan
Dan

And Fidelity

anonymous
anonymous

From Fidelity’s account terms:
“2. ​For Fidelity Cash Management Account owners or Fidelity Account® owners coded Premium, Private Client Group, Wealth Management, or with household annual trading activity of 120 or more stock, bond, or options trades, your account will automatically be reimbursed for all ATM fees charged by other institutions while using the Fidelity® Debit Card at any ATM displaying the Visa®, Plus® or Star® logos. The reimbursement will be credited to the account the same day the ATM fee is debited. Please note there may be a foreign transaction fee of 1% included in the amount charged to your account.”

Snuupy
Snuupy

Schwab: waives 1% visa FTF, charges 0 FTF, reimburses ATM fees
SoFi: 1% FTF (pass-through from visa)
Cap1: 360 products don’t charge FTF, does not reimburse ATM fees. Non-360 products charge a $2 + 3% fee on foreign currency ATMs, and does not reimburse ATM fees
Aspiration: 1% FTF (pass-through from visa)
Fidelity: 0 FTF if ATM, 1% if card purchase (on debit), reimburses ATM fees
Alliant: 1% FTF, reimburses ATM fees (up to $20/month)
Ally: 1% FTF, reimburses ATM fees (up to $10/month)

Lukas
Lukas

Might be a good time to update Best Debit Cards For International ATM Cash Withdrawals post with this info.

CanalStreet
CanalStreet
CardShark
CardShark

SoFi is set to switch to MC, so any current benefits of SoFi are temporary.

Mathias
Mathias

Chase Sapphire Banking (requires 75k balance to waive monthly fee): 0 FTF, reimburses ATM fees
Bank of America Platinum (requires 50k balance): 3% FTF, reimburses 1 ATM fee per month
Bank of America Platinum Honors (requires 100k balance): 3% FTF, reimburses ATM fees

AlexL
AlexL

Schwab and SoFi both did not charge FTF according to this article from MtM.
https://milestomemories.boardingarea.com/confirmed-sofi-money-beats-the-competition-including-charles-schwab/

You get the same amount from either cards you used.

miafll
miafll

Add that Fidelity if your card is “eaten” by the ATM, hence the withdrawal fails – the ATM withdrawal turns into a purchase, and 1% Visa fee is charged. Also the immediate credit of the failed ATM withdrawal would disappear the next day, and not return until several days later.

This happened to us at a BNP branch at Aix-en-Provence a few years ago. Luckily we were on a cruise and I went to the internet center to get a print out of the transactions as soon as we rerurned to the ship – that captured the withdrawal and the subsequent credit which disappeared the next day! There was also a 1 Euro charge on the account (for 100 Euro withdrawal that failed.)

I later sent an email to Fido for that matter, also called the Fido brokerage side toll free number from the next port Levorno in Italy. Fido brokerage side has toll free numbers for many countries, but it can only be made from a LAND LINE, VoiP wont work.
The brokerage rep patched me to the debit card rep (PNC handles fido’s debit card transaction). The brokerage side rep is much more customer friendly versus the debit card rep, day and night difference.

When we returned home I called Fido to inquire what the Heck that 1 euro for, she said it was Visa fee, that “You must have made a purchase.” While it was the 100 euro ATM withdrawal that failed. In email reply they said it was due to BNP who did not refund the money using the same authorization code that caused the reversal of the refund – but that is total NONSENSE because the reversal was completely done by the ATM machine, not a single human had ever involved in reverse the withdrawal – except I had to yell at someone inside to fetch my card from their machine, not making me to call the machine operator for that…

We always carry both Fido and Schwab’s cards on trips. Fido reimburses ATM fee immediately while Schwab reimburses at the first of each month. Both are very good for this purpose.

Ankk
Ankk

Fidelity
Betterment
Ally
Schwab

Joannette Odle
Joannette Odle

Don’t choose citizens. If you write a check to someone who doesn’t have an account there they charge them $7 cashing fees. I can’t imagine their International practices would be any better.

Nick
Nick

I just hope other banks don’t follow.

Moanalytics
Moanalytics

Consumers Credit Union (Illinois) reimburses all fees including foreign ATM fees if you meet the reward tier. I use it every time that I travel.

Date
Date

When does this go into effect?

DitchTDfellas
DitchTDfellas

All I have to say is: SCHWAB.

Jason
Jason

Penfed has no foreign atm or transaction fees. Exchange rate is fair as well.

anonymous
anonymous

PenFed debit card does have a FTF fee.
“International Transaction Fee …………………… up to 2% of transaction amount”

Creditian
Creditian

It only mentions non TD ATM fees charged by TD, didn’t mention surcharges by ATM owned by other banks which TD reimburses to designated types of accounts.
I have Beyond Checking, it’s free for non TD ATM and TD would reimburse surcharges from ATM owners. The second part is way more important.
If you can’t keep $2500 in a bank account, you probably should not travel abroad!

JMR0303
JMR0303

It’s not that they can’t, it’s that they don’t want to. Why keep money in a checking account that doesn’t earn any interest worth talking about (I checked, your upgraded checking account earns a whopping 0.01%-0.05%) when we can keep most of our money in one of the many online savings accounts that earn close to 2% and only put into checking what we need to use?

Creditian
Creditian

$2.5k is a small number for most people, considering all freebies you can get from TD, like free ATM everywhere, free checkbook, free mo, free cashiers check, free vgc, and free international and domestic wiring in and out.
If you think $2.5k is even a NUMBER to you, you better check your financial health condition.

Frito Pendejo
Frito Pendejo

Yeah $2500 at 0%apy is totally worth it for the perks. Nothing like laughing at a $7 atm fee knowing that TD gets to eat it.

miafll
miafll

You seriously DONT get it.
Why idle the available cash when it can work harder for you?

This is NOT what you think that the amount is too small to be meaningful, but rather it is to know how to work the money.

Besides if one has all the benefits and more, at other institutions than the TD account you thinks the best, then WHY should that person needs that TD account since other banks accounts give all the benefits and then some more, without the minimum monthly balance?

James
James

Because it’s simple, only $2500, and I can go to Thailand where they charge $7 ATM fees and get reimbursed?

Wow, $50 for a 2% bank on $2500. Who cares? I was charged more than that in fees in Africa, Asia, and Europe that TD Bank ate. Keeping a fraction of 1% of your net-worth in a bank to avoid fees in case you need to withdraw cash is not a big deal.

miafll
miafll

Not true about the $2500 – because the same $2500 can earn a 1.7% APY at some big banks such as AMEX HY and Marcus (owned by Goldman Sache) while earns zippo at TD. just sayin. Pretty sure those who put idle cash at high yield savings at many online banking outfits can travel aplenty, and they are probably far smarter than those who have to put $2500 in a bank account to afford for better services. 😀

Be an educated consumer and not give judgment to others.

anonymous
anonymous

Actually, it would only take a few reimbursed ATM transaction fees to outperform that 1.7% APY. It all depends on one’s personal patterns.

Frito Pendejo
Frito Pendejo

This is the usual screw-the-poors that every big brick and mortar bank does. You have to get a high tier account that has free everything and reimburses ATM fees, and keep just enough inside to avoid fees. And if you accidentally go below the limit and incur a fee you can call TD and they will waive it.

Ive used them for years and never paid a fee. I keep anything over a few thousand in high interest online accounts

muru
muru

So you’re telling me that banks give you perks when you give them more money that they can make money off of?!?!?!

Wild.

Creditian
Creditian

How come poor people can get money to travel abroad????????
I didn’t know EBT paying for international traveling 🤔

JMR0303
JMR0303

I imagine they think they’ve grown big enough that they can charge for those like the “big boys” do.

Winston
Winston

This is only for the “convenience checking” accounts? It looks like “beyond checking” account still offers the ATM refunds and no foreign transaction fees.

767
767

My first account for foreign travel was TD Banknorth, which advertised no foreign ATM fees and reimbursement for using other bank ATMs. They were great – no minimums, no fees. After they took over Commerce Bank and changed to TD Bank, they added minimums to avoid fees and I ended up closing my account there, switching to Schwab and never looked back. Only keep a few hundred dollars at schwab when not traveling and have never had to call to get fees reimbursed. Sometimes I get lazy and withdraw cash from the nearest bank using my Schwab card instead of going to my primary bank. Very convenient.

joe
joe

does anyone know when this is going into affect

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