Traveling Internationally? Here’s How To Avoid Foreign Transaction Fees

We all know the feeling. You’ve just arrived at your destination and are ready to start exploring, but you need to withdraw some money. You pull out your debit card, insert it into the ATM and …

BOOM! $5 fee for using a foreign ATM. But that’s not all. Your bank charges a foreign transaction fee of 3%.

You may not have thought about it yet, but if you are traveling abroad this winter, you may need to take steps to minimize your foreign transaction fees if you plan on using your credit card or debit card abroad.

Yes, I am aware that there are plenty of people who don’t use plastic when they travel (and for good reason). But for those who do plan on using their cards, there are ways to save money on these fees.

How do banks calculate foreign transaction fees?

Before we get into how to save money on foreign transaction fees, let’s first understand how banks calculate these fees in the first place.

If you’re traveling internationally, you might be wondering how to avoid foreign transaction fees. This is especially true if you don’t want to buy foreign currency cash or use a credit card overseas.

Foreign transaction fees are basically a surcharge that your credit card company charges you when you make a purchase in a different country. It can be really annoying to get hit with these types of fees, especially if there are cheaper alternatives out there.

The good news is that you can avoid foreign transaction fees in the following ways:

1. Use the right kind of credit card

2. Get a bank account abroad

3. Use a peer-to-peer payment app

Credit cards are great for a lot of things. But when you travel abroad, they can be a real pain. First and foremost, they’ll hit you with foreign transaction fees. Second, your card most likely won’t work everywhere you go. And finally, the exchange rates your credit card charges aren’t great. So how can you avoid all this?

If you’re traveling internationally and want to avoid foreign transaction fees, here are a few options:

1. Use a travel credit card that doesn’t charge foreign transaction fees

2. Get a bank account that doesn’t charge foreign transaction fees

3. Get a prepaid travel debit card

4. Use Bitcoin

Did you know that whenever you use your credit card abroad, there are fees that you have to pay?

They’re called “foreign transaction fees,” and they can really jack up the cost of your next vacation. I recently took a trip to Europe, and I was charged about $300 in foreign transaction fees.

Fortunately, there are ways to avoid paying these fees! You just need to know what to look for and how to avoid them.

In this post, we’ll cover everything you need to know about foreign transaction fees.

There are a few ways to avoid foreign transaction fees when traveling outside the United States. While it may seem daunting at first, taking your trip without paying credit card processing fees for each purchase is quite easy!

The easiest way to avoid paying foreign transaction fees is to use a credit card that doesn’t charge them. Travel credit cards are one of the easiest ways to avoid these fees because many of them don’t charge an annual fee, don’t require a specific credit score and allow you to earn travel rewards and points.

If you already have a favorite credit card that charges foreign transaction fees, consider applying for a secondary card that doesn’t charge these types of fees. If you already have a favorite bank or credit union, ask your financial institution if they offer any cards with no foreign transaction fee. If they don’t, there are several other options available!

When you’re traveling internationally, it’s important to understand that the credit cards and debit cards you use at home aren’t designed for global use. Not only can they make your purchases more expensive when you use them overseas, but they can also put your financial security at risk.

The good news is there’s a better way to pay when you travel. If you’re looking for a credit card that will give you the best value on your foreign purchases, here are four things to look for:

1. No foreign transaction fees

You can read “no foreign transaction fees” on a variety of credit cards, but some have this feature in name only. These cards will charge a fee for international money transfers, and these are often hidden in the fine print. Make sure to check if there are any other fees that may crop up when you use your card abroad.

2. Chip + PIN technology

If you’ve ever traveled abroad before, then you know that chip technology is prevalent outside of the United States—most other countries have been using this technology for years now. If you want to avoid the hassle of signing credit card receipts at retailers who don’t accept magnetic strip cards,

Before I left for France, I decided to get a travel credit card. I was planning on charging most of my expenses on the card and using it as my main source of payment. So, I went to my bank and asked them about their credit cards that were available for travelers. They suggested a few cards that would be a good fit for me, but the one that had the lowest foreign transaction fee was a Chase card.

I researched their website and found information about their credit cards. The problem was that they didn’t have any travel credit cards; they only had cash back and student credit cards. So, I called the number provided on their website and spoke with an agent who told me that Chase doesn’t offer any travel credit cards at this time.

I was disappointed because it was the last thing I wanted to hear. But then he told me about another card that he thought might be a good fit for me: Chase Freedom Unlimited® Card. With no annual fee or foreign transaction fees and unlimited 1.5% cash back on every purchase, it seemed like an ideal choice!

I applied for it online and got approved in less than ten minutes! It was really easy to do; all you need is your Social Security Number (SS