Foreign transaction fee

[Qacer]

I was reading some of my mail and noticed a credit card update from Bank of America (BoA). Now, they are going to start charging a 3% transaction fee on any purchase made in foreign currency denomination or US dollars from a foreign merchant including online stores. That stinks! Good thing I'm not charging anything on the card. My credit union card has better terms.

 

[Schfifty Five]

Originally posted by: Qacer
I was reading some of my mail and noticed a credit card update from Bank of America (BoA). Now, they are going to start charging a 3% transaction fee on any purchase made in foreign currency denomination or US dollars from a foreign merchant including online stores. That stinks! Good thing I'm not charging anything on the card. My credit union card has better terms.

I think most major CC/banks have been doing that for awhile now.

At least Citi has been.

 

[zoiks]

Capital One is the only cc that doesn't charge a foreign transaction fee as far as I know.

 

[txrandom]

This has always been the case for BOA...

 

[josh0099]

3% is still better then exchanging money in most places....

 

[MastaTam]

That's why it's best to just use your atm card to withdraw money

 

[feralkid]

Originally posted by: MastaTam
That's why it's best to just use your atm card to withdraw money

Most charge foreign transaction fees for that as well, plus you may also incur ATM fees.

 

[hiromizu]

I think that's been around for awhile.

 

[techs]

But, but...the best porn is foreign!

 

[puffff]

You've always been charged 3% on foreign transactions. I think the difference is, previously there was a loophole allowing the merchant to charge you in US dollars as opposed to the local currency, exempting you from the transaction fee.

I might have to re-read the letter that I got, but I think it highlighted the part about transactions in US dollars.

 

[oznerol]

What everyone else said.

But also, you can still go to a Barclays ATM in England (and I believe other countries) and withdraw money without any fees.

 

[Blackjack200]

Using ATMs and credit cards is fat better than exchanging money, where you get absolutely raped on exchange rates. Just be reeeally careful not to lose it.

 

[mrSHEiK124]

Originally posted by: ducci
What everyone else said.

But also, you can still go to a Barclays ATM in England (and I believe other countries) and withdraw money without any fees.

And Scotiabank in Canada! That was extremely useful during my trip up there.

 

[AstroManLuca]

When I went to China I dealt almost exclusively in cash (almost no one there even accepts cards). I did have a decent stipend when I was there because I was doing a paid internship, but if I needed extra I'd just go to the ATM and withdraw some cash. My fees were only like $5 per withdrawal.

 

[Brainonska511]

Originally posted by: josh0099
3% is still better then exchanging money in most places....

You're paying 3% on top of the rip-off exchange rate they give you.

My Citibank Premier Pass MC is 2% finance charge for foreign currency + the poor exchange rate.

My Amex Blue Student doesn't have one last time I checked, but they still have the poor exchange rate.

 

[Newbian]

Originally posted by: techs
But, but...the best porn is foreign!

Nothing like a bit of german poop porn.