Bank Fees Currency Enchange Fees on Credit Cards

Foreign Transaction or Currency Fees – Which Banks Charge These Fees

Credit Card Fees on Purchases Made Overseas

Banks That Charge Customers Exchange Fees Abroad With the travel season fast approaching travelers need to be aware of the charges some credit card companies are charging when their cards are used abroad. Consumers can be charged a fee up to 3% of their international purchases. Recently some credit card companies have raised the foreign transaction fees they charge. American Express has increased their fee from 2% to 2.7%. The highest rate we found was from Bank of America and Citibank. Both Bank of America and Citibank charge 3% on every foreign purchase. Now, most banks charge fees. These charges are an additional source in which banks can increase revenue. These fee structures are subject to change.

Some Banks Do Not Charge Customers Exchange Fees on Credit Cards

Some banks do not charge customers exchange fees. At this present moment from the date of this article, Capital one and Charles Schwab do not charge travelers fees. This no foreign fee policy does not only apply to purchases made on vacation. Online purchases made on foreign websites are not subject to a conversion fee. Capital One and Charles Schwab are very popular choices for those who like to travel and for individuals that purchase goods and services online. It is for this reason that these banks see a niche and a loyal customer base.

Please note that policies are subject to change. Chase has been eliminating this fee on many cards over the past few years. Citigroup issued a few new cards last year that are all free of foreign transaction costs. Bank of America released one small-business and two consumer cards earlier this month. Discover Financial Services removed foreign transaction fees last year. It is imperative to call the customer care hotline for the credit division of each bank to be confident that the bank issuing your card does not charge an overseas fee

Monica Kowollik

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