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11 Mar 2011
thomas
Posts:8
Check Cashing versus Banco di Napoli ATM

Hi all, maybe this is obvious to you all, but we have been writing a check at the NEX cash cage for the past 1 year to pay our rent (2100 Euro).


Well, just recently we compared rates w/ ATM's and we lose just about 2% at the NEX.

Additionally, we lose about 1% at the Community Bank/B of A ATM on CAPO.

By far, the best rate is withdraw from Banco di Napoli ATM's - even after we calculate the 1% fee that we get billed, Banco di Napoli's exchange rate consistently beats the other options above for paying rent & getting cash.

If you do the math, after 1 year of cashing checks at the NEX, I have lost 500 EURO, easily!

Of course there's some convenience in 1-stop check cashing & turning the rent over to the landlord, as ATM's require several withdraws over several days, etc (and then you have that cash on-hand for a few days....)

Anyone found anything better?

12 Mar 2011
Scott
Posts:4
Re: Check Cashing versus Banco di Napoli ATM

Yes,  there is a better idea.  Get an account with Community Bank.  They will make your rent payment for you at no additional cost.  They deal in both currency they are not limited like NFCU and Banco.


Good Luck and sorry about your 500 E

16 Mar 2011
thomas
Posts:8
Re: Check Cashing versus Banco di Napoli ATM

Perhaps you live on base, but my landlord only accepts cash, like most.


And I have an acct w/ B of A (same as community bank) and if you're using their ATM's for Euro, you're getting an exchange rate that is also worse than Banco di Napoli, even after you pay a 1% foreign transaction fee.

Just trying to help others learn from my mistaken assumption of trusting those services offered on base - try a w/d from each and do the math, I'd like to hear your results!

23 Mar 2011
CJ
Posts:9
Re: Check Cashing versus Banco di Napoli ATM

I have also noticied that bank di napoli exchange rates are better. But I've been having a difficult time trying to set up an allotment to get money to that account. Navy federal will only let me do a wire transfer, and they charge a lot for that. How do you get money to that account? Do you just write a big check? and then go in to withdraw the $1500 euros?

27 Mar 2011
thomas
Posts:8
Re: Check Cashing versus Banco di Napoli ATM

yeah, I haven't figured that out yet.


Right now I use my BofA visa debit card tow/d euro from Banco di Napoli atm and it beats Bof A rate by 2% and NEX check cashing almost 3% even after I pay 1% foreign transaction fee.

I looked into setting up an allotment to B di N but mypay doesn't allow it on-line. I have been meaning to call DFAS and see if there is another way, but haven't yet (I would bet that there is a way to have an allotment to foreign banks, think of the guys that must make child support payments in another country, its gotta be possible).

I think you can do a US check to B di Napoli, but again fees and transfer times, etc... not worth the hassle

Or paypal, I was thinking of linking B di Napoli and trying that... just haven't gotten to it yet.

If you have any luck - please post here!

28 Mar 2011
Todd
Posts:3
Re: Check Cashing versus Banco di Napoli ATM

Do you pull out all 2100 at the same time from the ATM?

 

29 Mar 2011
CJ
Posts:9
Re: Check Cashing versus Banco di Napoli ATM

PSD was giving me a hard time about it. I know that you can't set up the allotment from mypay because there's to many #'s in the italian bank accounts. They said to try and go through DFAS. Navy federal doens't do reaccuring transfers, you can do a wire but its a lot of money like $15 per $1000. You should try calling PSD, I think thye were kinda blowing me off because you know its just one person but if a lot of people called then maybe they would try a bit harder to figure out a way to set up the allotment

21 Aug 2011
Kathy
Posts:20
Re: Check Cashing versus Banco di Napoli ATM

we withdraw euro using our BofA debit card as well and when we were home over the summer we spoke with our bank manager and she waived the % international fee and atm fee b/c we live here and arent just on vacation and probably b/c she was nice :) Worth a shot to try and call your local branch. We still have a $2 fee from the host bank (Bank of Naples or any other we use) but way better than any other option we've used. You can also have your withdraw limit increased so you can take out more at one shot saving on multiple withdraw fees. 

24 Aug 2011
k
Posts:5
Re: Check Cashing versus Banco di Napoli ATM

Open a Capital one online account and get a ATM debit card, withdrawls incur no ATM fees of transaction fees, in addition you get the bank rate...this smokes any other options.  PERIOD

24 Aug 2011
B
Posts:1
Re: Check Cashing versus Banco di Napoli ATM

Not sure why you have to use the ATM if you have a BOA account, why don't you take the cash out and covert it right at the BOA Community Bank counter at Capo Admin I.  If you're at JFC, you can cash your check at the PSD cash cage without any fee and get the BOA rate.

25 Aug 2011
thomas
Posts:8
Re: Check Cashing versus Banco di Napoli ATM

All I'm trying to say is double check the conversion rates you're getting NO MATTER who / how you convert your money.


B of A withdraw (even without ANY fees) in Euro's is not as good as Banco di Napoli's rates (including their atm fees) - ever.

Converting or cashing a check will cost you an additional 2 or 3 percent.

Do the math - Good luck!