Wow...that's pretty brutal! It definitely varies from bank-to-bank pretty significantly based on the type of bank and the relationship you have with the bank. I have a small, hometown savings bank that for whatever reason I have kept some accounts with - and looking back at my debit card statement, there is an international banking fee - which probably is around 3% of the transaction. I haven't used that card for ATM withdrawals, so not sure about those fees. In contrast, my Bank of America account has $0 fee for international withdrawals / and looking at the recent forex rate, looks like there is no exchange fee and it is translating my euro-denominated withdrawals from my recent trip at the interbank rate (i.e. no % surcharge). But, I have been with BoA since my college days and have multiple products with them... Depending on the amount of spend, and international travel, those fees can definitely add up!
BoA waives withdraw fees for certain banks' ATMs in certain specific countries. Barclays (United Kingdom) BNP Paribas (France) China Construction Bank (China) Deutsche Bank (Germany) Santander Serfin (Mexico) Scotiabank (Canada) Westpac (Australia and New Zealand) I got charged for using Santander in Spain. I'm pretty sure they add 1% to the interbank exchange rate too.
Henry, you're normally best for advice on this... what should i bring this year? $ or Peso... the £ to $ is better than last year, but i think, the £ to Peso is better? Can you confirm?
Pesos. Generally speaking it doesn't matter what £ to $ rate or £ to Peso rate was or is. You want to go from your currency directly to the local currency. Comparing now to the past is pointless. I haven't check the exchange rates but I'm pretty sure even if £ to $ is better than last year, it just means $ to Peso is worse than last year. Or vice versa. And comparing other exchange rates is most likely pointless too. You WILL NOT be able to save any money this way because any arbitrage opportunity in currency exchange will disappear really quickly and end up in the pockets of currency traders, not yours. Trying to buy things in peso using $ you get from converting £ (unless the $ price is rounded down to your favor) you'll end up paying 2 exchange premiums (what exchange place or stores charge for converting your money).
