Foreign transaction fee1/2/2024 The easiest way to avoid a foreign transaction fee is to use a debit or credit card that waives foreign transaction fees while traveling abroad. Bon Voyage!Ĭhase Sapphire is an official partner of the PGA Championship.Many international travelers encounter foreign transaction fees while making purchases or withdrawing cash from an ATM in a foreign country. You can apply for a credit card or checking account that does not charge these fees, or you can simply use cash to cover all your foreign purchases. Luckily, there are strategic ways to avoid incurring foreign transaction fees, if you have a plan in place before you leave. Souvenirs and photos are welcomed reminders of your exciting trip abroad. In order to avoid paying extra fees when purchasing from international merchants online or while traveling abroad, you may want to look into using a travel credit card that does not charge foreign transaction fees or shopping through merchants that accept the US currency. Many credit cards waive foreign transaction fees during your first year as a perk but you might incur these fees once the promotional period ends. If you are traveling abroad and using your card, you should review your credit card monthly statement to keep track of any fees. What if I need to use my credit card while abroad?īefore traveling abroad, contact your credit card company or check your card’s terms and conditions to find out if you'll incur foreign transaction fees. or that they accept a range of payment options that include U.S. When shopping online, make sure that their business is based in the U.S. You can also avoid foreign transaction fees by making purchases online only with international merchants that work with U.S. Shop online with international merchants that accept U.S. You may be able to make withdrawals there without incurring a fee. If you'd rather not open a new bank account, ask your bank if they have ATMs in the countries you're traveling to. Before leaving the U.S., consider finding a checking account that allows you to use your debit card outside of the country with no additional fees. Therefore, you may want to consider having a debit card from a bank account that doesn't charge foreign transaction fees. While traveling abroad, you may encounter a merchant that charges extra to use a credit card, or might not accept credit cards at all. Open a bank account with no foreign transaction fees You may still wish to bring a backup payment method such as a debit or credit card. You'll want to remember that this option carries risk because you could lose the cash or have it stolen. dollars for most major currencies, and you can do this before you leave. Banks and currency exchange stores will exchange U.S. You can avoid all transaction fees by paying for your purchases in cash while you're abroad. Exchange cash before leaving the United States Some credit cards ( like most travel cards) don't charge foreign transaction fees, as a cardmember perk. There are several ways to avoid these fees including: Apply for a credit card with no foreign transaction fees If you are charged this fee, you can usually find it listed on your credit card statement on the next billing cycle, either in the fees section or as a separate line item in your recent transactions. You could be charged a foreign transaction fee when you purchase something in a non-US currency, either online or when you're visiting another country. Why did I get charged a foreign transaction fee? Check out your cardmember agreement for details on fees for international purchases. The rate for foreign transaction fees is usually 2-5% of the entire purchase, which might include shipping costs and taxes. How much do foreign transaction fees cost? Foreign transaction fees (aka international transaction fees) can vary depending on your credit issuer or bank and the total purchase amount. What is a foreign transaction fee?įoreign transaction fees can pop up when you make a purchase with a merchant that routes your payment through a bank outside of the U.S. You've returned from vacation abroad, only to discover that your credit card statement includes charges you've never seen before: foreign transaction fees. In this article, we’ll share some things to consider when using your credit card abroad and how you can avoid foreign transaction fees when making international purchases.
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