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Foreign transaction fee

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Qacer

Platinum Member
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.

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

At least Citi has been.
 
Originally posted by: MastaTam
That's why it's best to just use your atm card to withdraw money
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Most charge foreign transaction fees for that as well, plus you may also incur ATM fees.

 
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.
 
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.
 
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.
 
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.
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And Scotiabank in Canada! That was extremely useful during my trip up there.
 
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.
 
Originally posted by: josh0099
3% is still better then exchanging money in most places....
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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.
 
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