Fidelity Debit Card International fees
Fidelity Debit Card International fees
Hello,
I have a Fidelity brokerage Premium account (taxable) with checking account and a Visa debit card. Does Fidelity charge any international ATM fees or do I need to open Cash Management Account? I called Fidelity and there seems to be some confusion. The rep told me to call the number on back of my debit card. When I called the number on the back I was told to talk to Fidelity
Thanks
I have a Fidelity brokerage Premium account (taxable) with checking account and a Visa debit card. Does Fidelity charge any international ATM fees or do I need to open Cash Management Account? I called Fidelity and there seems to be some confusion. The rep told me to call the number on back of my debit card. When I called the number on the back I was told to talk to Fidelity
Thanks
Re: Fidelity Debit Card International fees
I have a Fidelity Visa debit card and have used it overseas many times.
Not only is there no surchage, the ATM transaction fees are rebated back to the account just as they are in the U.S.A.
Not only is there no surchage, the ATM transaction fees are rebated back to the account just as they are in the U.S.A.
Re: Fidelity Debit Card International fees
You do not need the CMA to have ATM fees refunded.
Crom laughs at your Four Winds
Re: Fidelity Debit Card International fees
For most situations, you do... The exception is if you have Private Client status and have your brokerage account specially coded to refund ATM fee's on the brokerage account, which may require having an assigned rep to do it... at least, that's what they told me when I asked why the ATM fees weren't being refunded on my brokerage account (despite having PC status.)
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Re: Fidelity Debit Card International fees
That's my understanding too. https://www.fidelity.com/cash-management/atm-debit-card Footnote 2 says "For Fidelity Cash Management Account owners, Youth Account owners or Fidelity Account® owners coded Premium, Active Trader VIP, Private Client Group, Wealth Management, or former Youth Account owners, 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, for foreign transactions, there may be a 1% fee included in the amount charged to your account."JoMoney wrote: ↑Sun Feb 26, 2023 8:09 pmFor most situations, you do... The exception is if you have Private Client status and have your brokerage account specially coded to refund ATM fee's on the brokerage account, which may require having an assigned rep to do it... at least, that's what they told me when I asked why the ATM fees weren't being refunded on my brokerage account (despite having PC status.)
Re: Fidelity Debit Card International fees
Topic moved to the Personal Finance (Not Investing) subforum.
Thanks to the member who reported the post.
Thanks to the member who reported the post.
Re: Fidelity Debit Card International fees
Just a note that the 1% international transaction fee is not reimbursed regardless of status with Fidelity. It is network fee built into the exchange rate used by the processor. No way around it, but it is a much less onerous fee than other exchange services.
Re: Fidelity Debit Card International fees
In the footnote, they use the word "may" so they are giving themselves flexibility. Based on my experience and reading (if memory serves), there is no fee on top of VISA/MC exchange rate for ATM withdrawal but there is one for purchasing.
Re: Fidelity Debit Card International fees
I always thought there was no fee too, but have been convinced that there is one, and Fidelity can’t do anything about it (or won’t).
Re: Fidelity Debit Card International fees
For ATM withdrawal? I remember the first time I used it, I compared the VISA/MC exchange rate with what Fidelity charged. But I could be wrong. I have not used debit card for purchasing.Cruise wrote: ↑Mon Feb 27, 2023 8:52 amI always thought there was no fee too, but have been convinced that there is one, and Fidelity can’t do anything about it (or won’t).
Re: Fidelity Debit Card International fees
I have a Fidelity VISA debit card. I just called the number in the back and asked about foreign transaction fee. The customer service person told me that the ATM fee generated by other institutions would be reimbursed, but the 1% fee from Fidelity will always be charged, whether it is an ATM withdraw, or a merchandise transaction.
Since I have a Charles Schwab debit card, and used it in the past, there is no fee attached. I will use that as primary debit card and Fidelity debit card will be a back up in case I have any issues with Charles Schwab card.
Since I have a Charles Schwab debit card, and used it in the past, there is no fee attached. I will use that as primary debit card and Fidelity debit card will be a back up in case I have any issues with Charles Schwab card.
Re: Fidelity Debit Card International fees
Yes, that is and has been what's consistently disclosed by Fidelity.jh4986 wrote: ↑Mon Apr 03, 2023 9:34 am I have a Fidelity VISA debit card. I just called the number in the back and asked about foreign transaction fee. The customer service person told me that the ATM fee generated by other institutions would be reimbursed, but the 1% fee from Fidelity will always be charged, whether it is an ATM withdraw, or a merchandise transaction.
Since I have a Charles Schwab debit card, and used it in the past, there is no fee attached. I will use that as primary debit card and Fidelity debit card will be a back up in case I have any issues with Charles Schwab card.
Yet people who use the card report that when doing cash withdrawals from an ATM, there was no explicit line-item foreign transaction fee, and the exchange rate they received was the same as when using other cards that claimed "No Foreign Transaction Fee", including some people saying they compared it directly to a withdrawal done at the same time with the Schwab card.
Several years ago, I was living in Australia and compared it to the rate I received from an ATM withdrawal (using the Fidelity card) to a charge on my "No Foreign Transaction Fee" Capital One credit card, and the exchange rate was the same.
I don't know what to make of that, if Fidelity is disclosing something that the other cards aren't, or if it's just a possibility they may charge it, or ???
Curiously on Fidelity's website FAQ they use the term "may apply" several times when talking about the FTF.
I don't know about if used for POS debit charges, but what people have experienced using it for ATM cash withdrawals seems to differ from the disclosure, or other cards aren't fully disclosing similar fees being embedded in the exchange rate.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Re: Fidelity Debit Card International fees
+1. Based on my own experience and users reported in this forum, there is no 1% foreign transaction fee for ATM withdrawal if the ATM card is with the cash management account but there is a 1% foreign transaction fee if the ATM card is with the brokerage account unless one is special. I don't know the definition of special, probably someone meets some asset threshold or an active trader.JoMoney wrote: ↑Mon Apr 03, 2023 10:14 amYes, that is and has been what's consistently disclosed by Fidelity.jh4986 wrote: ↑Mon Apr 03, 2023 9:34 am I have a Fidelity VISA debit card. I just called the number in the back and asked about foreign transaction fee. The customer service person told me that the ATM fee generated by other institutions would be reimbursed, but the 1% fee from Fidelity will always be charged, whether it is an ATM withdraw, or a merchandise transaction.
Since I have a Charles Schwab debit card, and used it in the past, there is no fee attached. I will use that as primary debit card and Fidelity debit card will be a back up in case I have any issues with Charles Schwab card.
Yet people who use the card report that when doing cash withdrawals from an ATM, there was no explicit line-item foreign transaction fee, and the exchange rate they received was the same as when using other cards that claimed "No Foreign Transaction Fee", including some people saying they compared it directly to a withdrawal done at the same time with the Schwab card.
Several years ago, I was living in Australia and compared it to the rate I received from an ATM withdrawal (using the Fidelity card) to a charge on my "No Foreign Transaction Fee" Capital One credit card, and the exchange rate was the same.
I don't know what to make of that, if Fidelity is disclosing something that the other cards aren't, or if it's just a possibility they may charge it, or ???
Curiously on Fidelity's website FAQ they use the term "may apply" several times when talking about the FTF.
I don't know about if used for POS debit charges, but what people have experienced using it for ATM cash withdrawals seems to differ from the disclosure, or other cards aren't fully disclosing similar fees being embedded in the exchange rate.
Re: Fidelity Debit Card International fees
FWIW, I have 'Private Client' status and was told that if I opened a regular Fidelity brokerage account ATM fees would be refunded. I liked the idea of having the Government Money Market fund as my default sweep over the FDIC bank sweep so I opened a regular brokerage account with the plan of using it the same way I used the CMA.... but after doing so I found the ATM fees were not being refunded, when I called in to the customer service to ask about it they also seemed confused by it, and after putting me on hold and a bit of a run-around the explanation they came back with was that I would have to get a PC rep assigned to my account and they would have to specially code my account to be eligible for the ATM rebatesstudent wrote: ↑Mon Apr 03, 2023 10:28 am...
+1. Based on my own experience and users reported in this forum, there is no 1% foreign transaction fee for ATM withdrawal if the ATM card is with the cash management account but there is a 1% foreign transaction fee if the ATM card is with the brokerage account unless one is special. I don't know the definition of special, probably someone meets some asset threshold or an active trader.
I just went back to using the CMA account, it's not that big of a hassle to move money into the MM fund(s) if cash is going to be sitting in there long enough for the interest to make a difference.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Re: Fidelity Debit Card International fees
This has been asked, and answered, dozens of times on this site. Read the “Fidelity as a One Stop Shop” thread.clipso1 wrote: ↑Sun Feb 26, 2023 3:29 pm Hello,
I have a Fidelity brokerage Premium account (taxable) with checking account and a Visa debit card. Does Fidelity charge any international ATM fees or do I need to open Cash Management Account? I called Fidelity and there seems to be some confusion. The rep told me to call the number on back of my debit card. When I called the number on the back I was told to talk to Fidelity
Thanks
No foreign ATM fees. I just got back two days ago from an extended tip to Germany where I withdrew Euros several times from local (regional) German bank ATMs in a small town/large village.
Furthermore, I was not able to detect any unfavorable exchange rate spread. USD removed from my account precisely matched, as closely as I could calculate, the prevailing exchange rate on that day.
A Fidelity CMA and ATM/debit card is good medicine.
Last edited by chassis on Mon Apr 03, 2023 10:46 am, edited 3 times in total.
Re: Fidelity Debit Card International fees
I’ve been getting free ATM in regular brokerage for like 4 years or so.
I think at the time when I hit 250k assets I asked them via phone “hey do I get ATM reimbursement”, and then voila I was private client and had ATM reimbursement.
My girlfriend has a separate account and did not have 250k at some point 6 months ago. I asked if she would get ATM reimbursed or not and the guy said yes, that she didn’t have to do anything special either. We never called to do so though, so I can’t confirm her case.
Best advice: call and ask
I think at the time when I hit 250k assets I asked them via phone “hey do I get ATM reimbursement”, and then voila I was private client and had ATM reimbursement.
My girlfriend has a separate account and did not have 250k at some point 6 months ago. I asked if she would get ATM reimbursed or not and the guy said yes, that she didn’t have to do anything special either. We never called to do so though, so I can’t confirm her case.
Best advice: call and ask
Crom laughs at your Four Winds
Re: Fidelity Debit Card International fees
Can’t you keep $0 in CMA and assign the brokerage for overdraft protection? That way you could use the CMA debit card to pull from the brokerage account.JoMoney wrote: ↑Mon Apr 03, 2023 10:36 amFWIW, I have 'Private Client' status and was told that if I opened a regular Fidelity brokerage account ATM fees would be refunded. I liked the idea of having the Government Money Market fund as my default sweep over the FDIC bank sweep so I opened a regular brokerage account with the plan of using it the same way I used the CMA.... but after doing so I found the ATM fees were not being refunded, when I called in to the customer service to ask about it they also seemed confused by it, and after putting me on hold and a bit of a run-around the explanation they came back with was that I would have to get a PC rep assigned to my account and they would have to specially code my account to be eligible for the ATM rebatesstudent wrote: ↑Mon Apr 03, 2023 10:28 am...
+1. Based on my own experience and users reported in this forum, there is no 1% foreign transaction fee for ATM withdrawal if the ATM card is with the cash management account but there is a 1% foreign transaction fee if the ATM card is with the brokerage account unless one is special. I don't know the definition of special, probably someone meets some asset threshold or an active trader.
I just went back to using the CMA account, it's not that big of a hassle to move money into the MM fund(s) if cash is going to be sitting in there long enough for the interest to make a difference.
Re: Fidelity Debit Card International fees
It may be possible, but that's not something of interest to me. My objective was to get rid of the CMA account and just use the brokerage account. I'd rather not have another account to have to move money between, with additional statements and transactions to reconcile. It's simpler (to me) just to buy the money market fund in the CMA.czaj wrote: ↑Mon Apr 03, 2023 10:52 amCan’t you keep $0 in CMA and assign the brokerage for overdraft protection? That way you could use the CMA debit card to pull from the brokerage account.JoMoney wrote: ↑Mon Apr 03, 2023 10:36 amFWIW, I have 'Private Client' status and was told that if I opened a regular Fidelity brokerage account ATM fees would be refunded. I liked the idea of having the Government Money Market fund as my default sweep over the FDIC bank sweep so I opened a regular brokerage account with the plan of using it the same way I used the CMA.... but after doing so I found the ATM fees were not being refunded, when I called in to the customer service to ask about it they also seemed confused by it, and after putting me on hold and a bit of a run-around the explanation they came back with was that I would have to get a PC rep assigned to my account and they would have to specially code my account to be eligible for the ATM rebatesstudent wrote: ↑Mon Apr 03, 2023 10:28 am...
+1. Based on my own experience and users reported in this forum, there is no 1% foreign transaction fee for ATM withdrawal if the ATM card is with the cash management account but there is a 1% foreign transaction fee if the ATM card is with the brokerage account unless one is special. I don't know the definition of special, probably someone meets some asset threshold or an active trader.
I just went back to using the CMA account, it's not that big of a hassle to move money into the MM fund(s) if cash is going to be sitting in there long enough for the interest to make a difference.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Re: Fidelity Debit Card International fees
Why not just say “ok thank you”, and then be done?
There’s no obligation to field calls from any private client rep or whatever. It’s just adding a flag to your account that probably gives you extra benefits like ATM reimbursement and faster phone queues
Crom laughs at your Four Winds
Re: Fidelity Debit Card International fees
I already get the faster phone queues, I found that out while trying to call the 'regular' customer service number just to compare it, but after it authenticates me it apparently re-routes to PCG.
At this point, it's mostly just stubbornness and not wanting to schedule a phone "meeting" with someone to talk about whatever it is they want to talk about when they assign someone to your account. For some reason they want to assign someone on the opposite coast/time-zone as me, that's only available for scheduling a meeting during hours that are very inconvenient for me (while I'm at work.) And when they were initially trying to schedule this "meeting" when I first got PCG status, rather than scheduling with them directly I was getting contacted by a third-party customer service/assistant If the rep had sent an email or been the one calling me, probably could have sorted it out quickly, but I'm not scheduling time out of my day to accommodate them because they're too busy to deal directly with the clients they're supposedly representing.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Re: Fidelity Debit Card International fees
Just returned from a trip to Japan, and on two occasions I used my Fidelity Debit Card at ATMs.
As expected, the ATM transaction fees were refunded.
I checked the historical exchange rate for my transactions. For Transaction #1, on a 50,000 yen transaction (plus 220 yen fee), I was debited $375.62. The exchange rate on that date was 0.007456, which should have translated to a charge of 374.44. However, I was credited with a $1.65 rebate for the 220 yen fee, so a net charge of $373.97. The second transaction had similar variances. I assume there was subtle within-day exchange rate variation.
For me, it appears that there was no 1% fee levied on my transactions.
As expected, the ATM transaction fees were refunded.
I checked the historical exchange rate for my transactions. For Transaction #1, on a 50,000 yen transaction (plus 220 yen fee), I was debited $375.62. The exchange rate on that date was 0.007456, which should have translated to a charge of 374.44. However, I was credited with a $1.65 rebate for the 220 yen fee, so a net charge of $373.97. The second transaction had similar variances. I assume there was subtle within-day exchange rate variation.
For me, it appears that there was no 1% fee levied on my transactions.
Re: Fidelity Debit Card International fees
The problem with Fidelity debit card is that it is the last card of all my many credit and debit cards that is embossed.
These days that is enough for me to keep it out of my wallet.
Schwab it is.
These days that is enough for me to keep it out of my wallet.
Schwab it is.
If you torture the data long enough, it will confess to anything. ~Ronald Coase
Re: Fidelity Debit Card International fees
I am not Vulcan, but share his viewpoint. Dislike embossed cards. It is not the oughts anymore...
Re: Fidelity Debit Card International fees
Does the debit card ATM fee reimbursement work with most bank ATMs (say Chase) and stand alone ATMs at shopping malls? The site says reimbursement is only if the following logos are present: Visa®, Plus®, or Star® logos. I don't usually use ATMs and so don't know how to look up whether an ATM qualifies before heading there.
Thank you.
Thank you.
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Re: Fidelity Debit Card International fees
If I could remember where I withdrew money, I’ll check the associations with that bank.jackal wrote: ↑Fri Jun 09, 2023 12:58 pm Does the debit card ATM fee reimbursement work with most bank ATMs (say Chase) and stand alone ATMs at shopping malls? The site says reimbursement is only if the following logos are present: Visa®, Plus®, or Star® logos. I don't usually use ATMs and so don't know how to look up whether an ATM qualifies before heading there.
Thank you.
One thing I have noticed that was odd. There’s a Santander ATM in a CVS near me that I have withdrawn money from and it doesn’t charge me a fee. I’m not going out of my way to not be charged the fees since it’ll be reimbursed. However, in anticipation of an upcoming trip abroad, I wanted to test out my Schwab debit card too. Using the same machine (unless they swapped it out) I’m asked to agree to a $3 fee using my Schwab ATM card where I wasn’t charged using my Fidelity ATM card. I wonder if it has to do with a smaller set of networks that Schwab is included in?
Re: Fidelity Debit Card International fees
I know at Allpoint ATMs, there’s one in a Target near me, the Fidelity debit card is not charged a fee. So maybe Fidelity’s debit card partner is part of that network. My old Ally debit card was never charged a fee either at Allpoints. Discover also shows the same ATM as no fee for their debit card as well.stilllurking wrote: ↑Fri Jun 09, 2023 1:14 pmIf I could remember where I withdrew money, I’ll check the associations with that bank.jackal wrote: ↑Fri Jun 09, 2023 12:58 pm Does the debit card ATM fee reimbursement work with most bank ATMs (say Chase) and stand alone ATMs at shopping malls? The site says reimbursement is only if the following logos are present: Visa®, Plus®, or Star® logos. I don't usually use ATMs and so don't know how to look up whether an ATM qualifies before heading there.
Thank you.
One thing I have noticed that was odd. There’s a Santander ATM in a CVS near me that I have withdrawn money from and it doesn’t charge me a fee. I’m not going out of my way to not be charged the fees since it’ll be reimbursed. However, in anticipation of an upcoming trip abroad, I wanted to test out my Schwab debit card too. Using the same machine (unless they swapped it out) I’m asked to agree to a $3 fee using my Schwab ATM card where I wasn’t charged using my Fidelity ATM card. I wonder if it has to do with a smaller set of networks that Schwab is included in?
Re: Fidelity Debit Card International fees
Re: Fidelity Debit Card International fees
The ATMs at CVS are usually Allpoint network and don't charge fees.
One thing I know is Fidelity card is issued by PNC and also doesn't get charged a fee upfront at PNC ATMs. I would imagine anything that doesn't charge a PNC card would be the same for a Fidelity card issued by PNC. I specifically look for PNC sometimes because you can pick denominations at those machines.
One thing I know is Fidelity card is issued by PNC and also doesn't get charged a fee upfront at PNC ATMs. I would imagine anything that doesn't charge a PNC card would be the same for a Fidelity card issued by PNC. I specifically look for PNC sometimes because you can pick denominations at those machines.
Re: Fidelity Debit Card International fees
There are no PNC branded banks in my area, but it's been my experience with other ATM's in their network (which I can find plenty of) that there is no fee from using Fidelity's ATM card at themMrJedi wrote: ↑Fri Jun 09, 2023 6:37 pm The ATMs at CVS are usually Allpoint network and don't charge fees.
One thing I know is Fidelity card is issued by PNC and also doesn't get charged a fee upfront at PNC ATMs. I would imagine anything that doesn't charge a PNC card would be the same for a Fidelity card issued by PNC. I specifically look for PNC sometimes because you can pick denominations at those machines.
https://apps.pnc.com/locator/search
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Re: Fidelity Debit Card International fees
I LIKE embossed card.... but what drive me crazy is printing the card nbr on the same side as the CCV - the entire point of that is to be so no one sees both with only the front or back of the card.
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Rob |
Its a dangerous business going out your front door. - J.R.R.Tolkien
Re: Fidelity Debit Card International fees
I don't think that's the point of the CVV number... There are times you would legitimately provide both numbers to the same vendor. The point is that the vendor doesn't (shouldn't) be storing the CVV number anywhere, and it provides a very very weak form of verification that someone giving the number is in possession of the physical card.rob wrote: ↑Fri Jun 09, 2023 10:13 pmI LIKE embossed card.... but what drive me crazy is printing the card nbr on the same side as the CCV - the entire point of that is to be so no one sees both with only the front or back of the card.
It is pretty easily compromised though, and it does get written down on mail-in forms and other places where it can be compromised, but maybe it might make it slightly harder if an online database storing only the card number was compromised.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Re: Fidelity Debit Card International fees
Who would see it though? Hotels want to see the name on the card and you give it to a server depending on where you’re eating. So the hotel front desk staff may or may not see the CVV number but the server could. Outside of those two I never hand my card to anyone plus with Apple Pay I don’t even take a card out of my wallet unless I need to. I think I give out the CVV number more online than to any person I interact with.rob wrote: ↑Fri Jun 09, 2023 10:13 pmI LIKE embossed card.... but what drive me crazy is printing the card nbr on the same side as the CCV - the entire point of that is to be so no one sees both with only the front or back of the card.
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Re: Fidelity Debit Card International fees
In some african countries like Ethiopia they still use the embossed feature of the card to get cash at banks in places with no atm. They use the old manual print machines.