![]() Get Rid of Foreign Transaction Fees with DoNotPayĭoNotPay can help you eliminate Bank of America foreign transaction fees in four easy steps. Check ATM fees first before using international ATMs.Travel cards usually don't charge foreign transaction fees. Get a credit card that doesn't charge FTFs.Here are ways to avoid incurring such costs: Regardless of your travel budget, it's always best to avoid bank foreign transaction fees as they don't add value but take money away from you instead. Tips for Avoiding Foreign Transaction Fees Here is a rundown of Bank of America credit cards that will charge you an international transaction fee: Card NameĬustomized Cash Rewards Secured Credit Card However, this fee can change depending on the card itself, as some cards are an exception. The Bank of America credit card international transaction fee is 3%. The purchase is routed through a foreign bank even when it's charged in US dollarsīank of America Foreign Transaction Fees Explained. ![]() You bought something in foreign currency.You purchased something from a merchant located outside the US.It's worthy to note that you don't have to be located outside the US to get a bank foreign transaction fee on your statement. When Do Banks Charge Foreign Transaction Fees?Ī credit card issuer may flag transactions as foreign if the purchase is made using foreign currency or passes through a foreign bank. Here's a glance at foreign transaction fees for major issuers: Issuer While there are two categories of foreign transaction fees, they are typically assessed as a single charge in your statement. Issuing bank fee: Some credit card issuers like Chase and Barclays add a 2% charge on top of the network fees.These networks usually charge a 1% fee of the purchasing amount regardless of the type of credit card you use. Currency conversion fee: Also called a network fee, this fee is charged by a credit card network such as Visa and Mastercard.Many credit card issuers charge this fee with a rate ranging from 1% to 3% of the transaction. What Are Foreign Transaction Fees?Ī bank foreign transaction fee refers to a surcharge on your credit card that appears after you purchase something in another currency other than the US dollar or your purchase passes through a foreign bank. Luckily, DoNotPay has a solution to avoid such fees. You may be wondering, what are these charges, and are they always the same, or do they change with every transaction?īank of America foreign transaction fees are usually 1% to 3% of your total purchase amount, and while they may not seem like a big deal, they can have a significant effect on your finances, especially if you are a huge spender. These charges are usually tucked away in your terms and conditions, and since most of us barely read the T&Cs, we miss them easily. If you've ever used your Bank of America credit card outside of the US, you've most likely come across international bank fees. I How to Waive Bank of America Foreign Transaction Fees
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