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. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs.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. These ads are based on your specific account relationships with us. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. If you opt out, though, you may still receive generic advertising. If you prefer that we do not use this information, you may opt out of online behavioral advertising. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Relationship-based ads and online behavioral advertising help us do that. We strive to provide you with information about products and services you might find interesting and useful.
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