Citizens Bank increases Foreign Currency Fee

Steve Hazzard · #1 (**permalink**) 2nd December 2007, 09:38 PM

Effective 01 January 2008, Citizens Bank NA will increase its Foreign Currency Fee to 2% on all ATM and Debit Card transactions outside of the United States. The Foreign Currency Fee amount consists of a 2% surcharge on any Debit Card purchase amounts, non-PIN purchase and withdrawal amounts and any related network fees that may apply. Personal opinion, this increase is directly related to the falling value of the USDollar against other currencies, particularly the EURO!

synthia · #2 (**permalink**) 3rd December 2007, 07:53 AM

I hate the percentage fees. The flat rate fees I can see, to cover processing costs. And you can take more money out and thus minimize the fee. But the percentage fees bug me.

Steve Hazzard · #3 (**permalink**) 3rd December 2007, 07:33 PM

Quote:

Originally Posted by synthia

I hate the percentage fees. The flat rate fees I can see, to cover processing costs. And you can take more money out and thus minimize the fee. But the percentage fees bug me.

AHH..., but the idea is for the banks to earn income, not make life easier for the customer! It's the capitalistic way!

synthia · #4 (**permalink**) 6th December 2007, 07:23 AM

The trick is to somehow convince them that making things easier for the customer will make them money. Sort of like seeing all the car ads that feature gas mileage. With the success of the Prius, and rising gasoline costs, high mileage cars suddenly look like money makers.

joco69 · #5 (**permalink**) 27th December 2007, 04:55 AM

Add to this the new mexican tax of 2% for cash deposits and you are out 4% of your hard earned money before starting to spend it. What next?

synthia · #6 (**permalink**) 29th December 2007, 09:07 AM

Well, the 2% tax only applies to monthly totals over 25,000 pesod, so those of us that are considering Mexico because we don't have much money don't have to worry.

joco69 · #7 (**permalink**) 29th December 2007, 02:58 PM

Even in Mexico 25,000 Pesos is not that a lot of money. The cost of living is going up up and up, comes January 1 expect another big increase.
Wish you luck.

synthia · #8 (**permalink**) 30th December 2007, 05:24 AM

Yeah, I may not be able to afford Mexico, anyway. I got this idea long ago when I took a day trip out to Chapala and saw postings on a bulletin board for apartments at about USD 160. Prices have, of course, gone up, and my income has decreased dramatically.

honeyb719 · #9 (**permalink**) 9th July 2008, 03:18 AM

Has anyone tried Bank of America? I currently use them in the United States as well as their "Global Alliance Partner," Santander. There were no fees that I noticed when taking money out from an ATM. Anyone else use Bank of America/Santander and run into any difficulties?