Beware of Credit Card Currency Conversion Fees

If you are going to use your credit card overseas, it is essential that you are fully aware of the currency conversion fees charged by your provider. With these fees in place, buyers end up spending more money on purchases than what they initially thought.

What Are Credit Card Currency Conversion Fees?

With almost every credit card (there are some that do not charge a fee), there is a fee that is charged in order to process purchases made outside of the United States. With most cards, you will pay a 1 percent processing fee for nothing more than having your currency converted to United States dollars. On top of this, some credit card companies charge an additional 1 percent simply for using the card outside the country.

Other Transactions

Do not overlook the fact that credit card currency conversion fees are often charged on ATM transactions and cash advances as well.

By calling your credit card company in advance, you can receive an explanation of exactly how much you will be charged while also learning what you can do to avoid these fees.

Now that you are aware of currency conversion fees, you can do your best to avoid them while traveling outside of the United States.

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