2-5%.
A foreign transaction fee is an extra charge tacked on after a credit card's padded currency exchange rate is applied. Typically, American Express, MasterCard and Visa determine the transaction fees while the card-issuing financial institution sets the currency conversion rate. Cards including the BMO U.S. Dollar MasterCard and TD U.S. Dollar Visa Card collect an annual US$39 fee. And if you pull out U.S. dollar plastic for overseas purchases in another currency, a 2.5 per cent foreign transaction fee kicks in. It is difficult to find a card which charges less than 1%, as this is the standard fee that MasterCard and Visa charge for foreign currency conversion. However, from there credit card companies and banks often tack on an additional fee of up to 3%. I took a look at the terms and conditions of my debit card and was surprised to find that “Wells Fargo will assess a $5 fee for ATM cash withdrawals made outside of the United States and a 3% foreign currency conversion fee for purchases made with your Check Card.” The same 3% fee is charged for credit card purchases. Although credit cards may provide a better currency exchange rate than a money-changing shop in a tourist neighborhood, your U.S. credit card may also change a foreign currency transaction fee. These foreign transaction fees, often as much as four percent, can add up quickly. Check out these best credit cards for international travel. These cards don’t charge a foreign currency transaction fee, and many come with other perks appealing to frequent world travellers. In general, American Express cards are slightly better than average with a two percent fee. VISA’s current exchange rate is 1 Euro per 1.092991 United States Dollar -- one of the best such rates on the consumer market. VISA doesn’t charge a foreign transaction fee, but more than 90% of credit cards do have an international fee of roughly 3% - levied by the card’s issuer. A credit card foreign transaction fee is generally the combination of charges assessed by the card network (e.g. MasterCard, VISA) and a fee that your credit card issuer (e.g. Bank of America, Citi) charges on top of that. While there is no foreign transaction charge, you do have to pay a $39 annual fee. Playing the U.S. currency card. Card company representatives often promote U.S. currency credit cards as the best way to circumvent foreign currency transaction fees. While a viable alternative, this option does come at a cost. Cards including the BMO U.S. Dollar MasterCard and TD U.S. Dollar Visa Card collect an annual US$39 fee. And if you pull out U.S. dollar plastic for overseas purchases in another currency, a 2.5 per cent foreign transaction fee kicks in. For example, Bank of America, Chase, and Citi all charge three percent for foreign currency transactions (for a total fee of four percent). At the time of writing this article, a meal that costs 100 Euro will cost you about $132 plus a $5.28 foreign currency transaction fee. Check out these best credit cards for international travel. These cards don’t charge a foreign currency transaction fee, and many come with other perks appealing to frequent world travellers. In general, American Express cards are slightly better than average with a two percent fee. Learn what foreign transaction fees are, which cards have them and how to avoid them. You’ll save a lot of money as a result! A foreign transaction fee, or international transaction fee, is a 2-4% surcharge that roughly 90% of credit cards tack onto transactions processed outside of the United States. A credit card foreign transaction fee is generally the combination of charges assessed by the card network (e.g. MasterCard, VISA) and a fee that your credit card issuer (e.g. Bank of America, Citi) charges on top of that. Other times, they charge you a percentage of the money changed in addition to the hidden profit they earn on the exchange rate. Many credit cards do this with foreign currency transaction fees of two or three percent. So let’s say you live abroad for a while and charge at total of $5,000. On a card with a three percent transaction fee, that’s an extra $150. The best cards for international travel do not charge this fee. Capital One was among the first card issuers to eliminate foreign currency transaction fees on certain cards. In addition to no foriegn currency transaction fee, the VentureOne card has a straightforward rewards program in which you earn 1.5 miles for every eligible dollar spent on purchases.
http://canada.creditcards.com/credit-card-news/coping-with-foreign-transaction-fees-1264.php https://www.credit.com/credit-cards/content/foreign-currency-conversion-fees/ http://www.moneyunder30.com/avoid-credit-card-foreign-currency-transaction-fees http://www.cardhub.com/edu/foreign-transaction-fees/ http://canada.creditcards.com/credit-card-news/coping-with-foreign-transaction-fees-1264.php http://www.moneyunder30.com/avoid-credit-card-foreign-currency-transaction-fees http://www.cardhub.com/edu/foreign-transaction-fees/ http://www.moneyunder30.com/the-best-credit-card-for-international-travel
foreign currency transaction fees on credit cards