If you prefer a credit card, you will find plenty of options at Capital One. The applicable rate is worked out on the processing date, which may differ from the purchasing and posting dates.

It uses the wholesale rate (or government-mandated rate) to work out the actual exchange rate. If you choose to pay in foreign currency, Mastercard calculates the actual exchange rate. Read our complete Bank of America reviewĬapital One has a reputation for being tech-focused, but with over 700 branches and 2,000 ATMs in the U.S., this national bank has a good reach if you prefer face-to-face banking.Ĭapital One’s 360 Checking account comes with a debit card that does not charge foreign transaction fees.You can expect this fee when paying a foreign merchant, regardless of whether you pay in dollars or the merchant’s currency. Dollar amount (or equivalent if you pay in a foreign currency). Unfortunately, Bank of America does not offer a debit card with no foreign transaction fees. The card includes 1.5X points per dollar spent, 0% introductory APR, and 25,000 bonus points, among other things. They have quite a few credit cards to choose from, with the Bank of America® Travel Rewards card being one with no foreign transaction fees. Here are the top 7 banks that don’t charge foreign transaction fees:īank of America offers all the banking products and services you might expect from one of the biggest banks in the U.S.

It’s important to note that other fees may still apply – but you could save a fee of between 1% and 3% of the transaction amount! 7 Banks with No Foreign Transaction Fees As such, you can withdraw money from a foreign ATM or shop without paying the transaction charge. You do not have to worry about carrying large amounts of cash, nor do you have to worry that merchants may have inflated the exchange rate with a solid international bank account.Ī bank with no foreign transaction fees will not charge you for transacting in a currency other than U.S. Banks With No Foreign Transaction FeesĬhoosing a bank with no foreign transaction fees is what this article is all about. Other fees, such as currency conversion fees, may also apply, racking up substantially over time. It’s important to note that ATM fees are still likely to apply. These charges are different than the fees levied when using an out-of-network ATM. While such a low percentage may not seem like much, it adds up. Typically, this is between 1% and 3% however, this is not a rule, and different banks may charge different amounts. As such, you pay more money the more you withdraw. Banks charge this fee to cover costs associated with international transactions. Usually, the bank charges these fees as a percentage of the amount withdrawn. You will typically pay foreign transaction fees when transacting in currencies other than the U.S. Generally speaking, foreign transaction fees are levied when paying a foreign merchant or withdrawing money from a foreign ATM using either a credit card or a debit card. In This Article What are Foreign Transaction Fees? We will also help you discover other effective ways to avoid foreign transaction fees. Do you withdraw cash from a local ATM before going abroad or use an international ATM in the airport? What about your credit card or debit card – and how much would using them abroad cost?īanking with a financial institution that doesn’t charge foreign transaction fees might be your best option. With so many options available, you may wonder which option is the best. If you’ve been planning on going abroad – whether for a short holiday or backpacking across Europe – one thing that will surely have crossed your mind is how you’ll manage your money while overseas.

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