Be aware that carrying large amounts of cash has considerable risk associated with it and you may not have access to the best rate by exchanging money before you leave. If your credit card charges a foreign transaction fee, you can exchange money with your bank before you travel. Assuming $3,500 in spending, you could pay $105 in fees. If you plan an international trip, an extra 3% on taxis, food and hotels could significantly cut into your budget. dollars, whichever is greater, you could end up with a $1 surcharge on your $1 bottled water purchase. If your credit card charges $1 or 3% of each purchase in U.S. If you make 15 international purchases at $25 each, you would pay $11.25 in foreign transaction fees with a 3% transaction fee rate.īe aware of the fine print. Even if you don’t travel regularly, it may be wise to have a credit card with no foreign transaction fees available if you shop outside of your home country. Be aware of these fees when shopping online with foreign merchants, buying a ticket for a foreign museum or tour, purchasing a plane ticket from a foreign airline or making hotels and car rental reservations abroad. Before you travel, determine what your foreign transaction fee is and if you hold a card that doesn’t have one.Īny time you make a purchase from a foreign merchant, you could find this fee added to your purchase. The fee is clearly stated on your credit card agreement and can range from 0% to 3%. Download a currency conversion app before you travelįoreign transaction fees are a predetermined percentage charged by your credit card issuer for making a purchase from a foreign merchant.Use a card without foreign transaction fees when traveling and shopping online.That's $750 when you redeem through Chase Ultimate Rewards®. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
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