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mec

NFCU Navcheck credit ATM cash advance overseas.

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 Kind of late. I decided my best bet was to draw on my NFCU CLOC for cash overseas.

 

I did not do a thorough analysis prior to the decision.

 

The purpose of this thread will be to recount the actual charges at ATMs for cash advances on the NFCU CLOC to the best I can recount and recall and to determine my cost relative to the exchange rate as close to that day as I can reconstruct.

 

 

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June 25th Navcheck advance 

$184.88 - Florence, Italy

June 27th Navcheck advance 

$231.54 - Florence, Italy

July 1st Navcheck advance 

$231.16 Herceg Novi, Montenegro

July 3rd Navcheck advance 

$155.50 Dubrovnik, Croatia

July 5th Navcheck advance 

$155.00 Dubrovnik, Croatia

July 8th Navcheck advance 

$343.27 Vienna, Austria

 

 

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To follow...

 

Amount of local currency withdrawn from ATM.

 

Exchange rate at the time.

 

Net % cost of cash calculation.

 

 

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I tried, to the best of my understanding of the machine (s), to decline the offered conversion rate

 

I believe the published forex exchange rate held steady over the course of these transactions.

Euro to USD - 1.12

Kuna to USD - 0.15

 

----------

June 25th Navcheck advance 

$184.88 - Florence, Italy 

€160.00 withdrawn 160*1.12=179.2

(5.68 'fee' or 3.169%)

NFCU breakdown...

182.06 ATM withdrawal 1.1378 ex rate

1.00 ATM withdrawal fee

1.82 international transaction fee (1%)

 

 

June 27th Navcheck advance 

$231.54 - Florence, Italy

€200.00 withdrawn 200*1.12=224.00

(7.54 'fee' or 3.366%)

NFCU breakdown...

228.26 ATM withdrawal 1.1413 ex rate

1.00 ATM withdrawal fee

2.28 international transaction fee (1%)

 

July 1st Navcheck advance 

$231.16 Herceg Novi, Montenegro

€200.00 withdrawn 200*1.12=224.00

(7.16 'fee' or 3.196%)

NFCU breakdown...

227.88 ATM withdrawal 1.1394 ex rate

1.00 ATM withdrawal fee

2.28 international transaction fee (1%)

 

July 3rd Navcheck advance 

$155.50 Dubrovnik, Croatia

1,000.00 Kuna withdrawn 1,000*0.15=150.00

(5.50 'fee' or 3.666%)

NFCU breakdown...

152.97 ATM withdrawal 0.15297 ex rate

1.00 ATM withdrawal fee

1.53 international transaction fee (1%)

 

July 5th Navcheck advance 

$155.00 Dubrovnik, Croatia

1,000.00 Kuna withdrawn 1,000*0.15=150.00

(5.00 'fee' or 3.333%)

NFCU breakdown...

152.48 ATM withdrawal 0.15248 ex rate

1.00 ATM withdrawal fee

1.52 international transaction fee (1%)

 

July 8th Navcheck advance 

$343.27 Vienna, Austria

€300.00 withdrawn 300*1.12=336.00

(7.27 'fee' or 2.164%)

NFCU breakdown...

338.88 ATM withdrawal 1.1296 ex rate

1.00 ATM withdrawal fee

3.39 international transaction fee (1%)

 

It seems like I could have shaved a little cost by withdrawing larger amounts to reduce the effect of the ATM withdrawal fee, but most of the variation was hitting on a lucky exchange rate. 

 

I suppose I could have done better, and I could have done worse. 

 

 

 

 

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What is the advantage of borrowing money from your overdraft LOC and presumably paying interest, vs. just withdrawing current funds from a different account?

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2 hours ago, cv91915 said:

What is the advantage of borrowing money from your overdraft LOC and presumably paying interest, vs. just withdrawing current funds from a different account?

 

I was thinking the same thing.  Aren't you paying interest from the moment you withdraw the money?

 

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2 hours ago, cv91915 said:

What is the advantage of borrowing money from your overdraft LOC and presumably paying interest, vs. just withdrawing current funds from a different account?

The only advantage in my case occurred around the first transaction, when I did not have any funds in my NFCU checking account and believed the ATM (cash withdrawal) transaction fees on that account would be less than those of other checking accounts I have and maintain funds in.

 

Having access to the LOC allowed me to start using my NFCU debit card before any funds had been cleared into the associated checking account. That the Navcheck account existed and allowed me to use the NFCU checking account in that way was also mildly interesting to me, and I suspect to others, since I have never previously had any use for the LOC.

 

I realize that my main intention in in this thread of showing the cost of ATM withdrawals overseas would have probably been better served by a different thread title. However, having had a few drinks prior to the original post, I didn't quite hit the mark there.

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1 hour ago, get.randy said:

 

I was thinking the same thing.  Aren't you paying interest from the moment you withdraw the money?

 

Yes. About 0.04% per day in my case. 

 

 

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9 hours ago, mec said:

Yes. About 0.04% per day in my case. 

 

 

 

On $1,000 for a month, your interest would be around $12.  I can see CV's and Fred's point.  Over a whopping $12, I'd be stealing my neighbor's stuff and wearing my mother's old clothes, too.  

 

I do do not carry a debit card, especially while overseas.  I'd prefer to carry a bit of extra cash with me for those instances when you can't just swipe your credit card.  In an emergency, I'd rather use a debit card tied to a LOC.  Someone clones your card and you aren't going to be waiting a week or more for your bank to replace the money while your BillPay payments bounce.  

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