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Hey folk... We have been living on St. Croix for over 3 years now... But kept our bank accounts with Wells Fargo back in the States... Lots of reasons, Mortgages, Online Bill Pay Accounts already set up, etc. It has never been a problem, until recently. Our last Wells Fargo Statement also includes a 3% "Foreign Currency Conversion Fee for EVERY purchase made in the Virgin Islands... We are busy asking questions, and trying to explain that we are not foreign, and that a Dollar is a Dollar, is a Dollar... Anybody else running in to this new problem?
Actually, it should NOT happen in BVI either - it is a foreign *currency* fee, so if the currency is the same - there should be no fee. That said, a bank can do pretty much whatever they want, especially if it makes them a few bucks more.
I have accounts and credit cards with stateside credit unions and never had these fees charged in US or in British Virgin Islands.
Some banks are charging the foreign transaction fee on credit card statements if the merchant's bank or address (not sure which) is outside the US, even if the transaction is in US dollars. There's a Canadian company I use which charges in US dollars, and I started getting a 3% fee from CitiBank about 18 months ago, and I know of other examples.
I should have been specific... I was being charged 3% Foreign Currency Conversion Fees when I used my Wells Fargo Visa/Debit card... After about 30 minutes on the phone and 3 different departments... Here's the scoop. Fees "have always" been charged for purchases "Outside the US". Whoa!! Check my statement, this didn't start until May 19! "Oh, well... ummmm" These fees apply to all locations outside the US, and are routed through the Foreign Exchange Department... and US Territories (including Puerto Rico and the Virgin Islands) are on the list. This didn't make any sense to the Operator, who was from PR. She did some talking with her Supervisor, and all fees were dropped. I was told to call back if they reappear. Hee-Hee!! Tell your friends and family... and the nice Tourists... to watch their Statements! And COMPLAIN!
If banks start charging our mainland visitors foreign transaction charges on purchases in the USVI then this would have a very negative effect on tourism. Anyone know someone with the department of tourism to report this to? Maybe some proactive dialog between the government and VISA/MC/AMEX would help prevent this inconvenience to our visitors - oh, almost forgot where I lived for a minute 😎
hi, you can find all US bank locations, addresses, telephone numbers and more details here. Check out the below link
Time to change banks! I have two bank accounts up north -- one is my credit union w/ my former employer, because I have always had direct deposit with them, have had great service with several accounts (checking / savings / CDs / money market acct), and have no-charge checking. The second is w/ USAA bank, because it allows me to transfer funds directly to my son's account. A change in banking laws a couple of years ago made it impossible to transfer funds from bank-to-bank if it was not to an account in your name. So I transfer funds from my credit union account to USAA and then to my son's USAA account ( I set this up to help out when he was in college). Finally, I have a local account to pay local bills; this account "costs" me more than the other two combined, but I have it for convenience locally. Get out of "big" banks up north -- they do nothing for you; they charge for every little thing; and they have forgotten that they're still a service industry.
Check out: http://moveyourmoney.info/
well now, funny you should mention that. i have an account with bank of america and i checked my statement online the other day. low and behold there was a $5 atm fee, when i clicked on it, it said it was a foreign transaction fee. crazy since we are not foreign . i called them up and they said it was a fee for using an atm outside of their network. $5 just to check a fricking balance. they did take the fee off this time. and no i had never noticed it before EVER. i check my statement online all of the time too.
I do sometimes get charged for using an ATM in KY, but the machine always tells me it's going to charge and asks if it's ok. But that is individual bank policy for non-account holders and not a fee for being foreign. Some do and some don't. It's usually between $1.50 & 2.50 per transaction. I'm not sure about checking balances, but I think not.
I have a couple of BOA accounts also. When I use their card locally I use it in Scotiabank's ATMs since they don't charge for other bank cards as long as it's the same network. I've never seen a BOA fee for this but now I've got some homework to do...
well now, funny you should mention that. i have an account with bank of america and i checked my statement online the other day. low and behold there was a $5 atm fee, when i clicked on it, it said it was a foreign transaction fee. crazy since we are not foreign . i called them up and they said it was a fee for using an atm outside of their network. $5 just to check a fricking balance. they did take the fee off this time. and no i had never noticed it before EVER. i check my statement online all of the time too.
"Membership" in USAA (which is a co-op) is limited to active military, honorably discharged veterans and the spouses and children of USAA Members. Only members can get insurance w/ USAA. However, from the USAA website (usaa.org):
"USAA's investment products, most checking and savings products, credit cards, life insurance, and shopping and discounts are available to other individuals. While auto and property insurance policies are not available due to membership eligibility requirements, we can still help."
So, it looks as if all you have to do is go to the website and try to set up an account. If it doesn't work on-line, give USAA a call.
