3% Fee on Foreign Currency Transaction
Jun 3, 2005 | 8:32 pm
#1
Original Poster
Join Date: Jul 2004
Posts: 2,635
3% Fee on Foreign Currency Transaction
I just noticed this term:
Transaction Fee for Purchases made in a Foreign Currency: 3% of the amount of foreign currency purchase after its conversion into U.S. dollars.
Is this a normal procedure for a MasterCard? My MC from Chase always charges me 3% for foreign purchases. Any other cards that do not do this?
Transaction Fee for Purchases made in a Foreign Currency: 3% of the amount of foreign currency purchase after its conversion into U.S. dollars.
Is this a normal procedure for a MasterCard? My MC from Chase always charges me 3% for foreign purchases. Any other cards that do not do this?
Jun 4, 2005 | 12:51 am
#4
FlyerTalk Evangelist
Join Date: Sep 2003
Location: HH Diamond, Marriott, IHG, Hyatt something
Posts: 34,511
Originally Posted by broadwayboy
How about American Express?
Jun 4, 2005 | 11:03 am
#5
Join Date: Apr 2005
Location: The Baltic Sea
Programs: AY, BT, DY and SK. HHonors, Radisson, Accor, Scandic and Marriott. ClubONE
Posts: 5,955
Hard to understand
Originally Posted by broadwayboy
I just noticed this term:
Transaction Fee for Purchases made in a Foreign Currency: 3% of the amount of foreign currency purchase after its conversion into U.S. dollars.
Is this a normal procedure for a MasterCard? My MC from Chase always charges me 3% for foreign purchases. Any other cards that do not do this?
Transaction Fee for Purchases made in a Foreign Currency: 3% of the amount of foreign currency purchase after its conversion into U.S. dollars.
Is this a normal procedure for a MasterCard? My MC from Chase always charges me 3% for foreign purchases. Any other cards that do not do this?
Jun 11, 2005 | 6:17 am
#6
Join Date: Jan 2002
Posts: 84
I was always telling people to use an MBNA card for foreign transactions, never to use American Express. Now it looks like my MC's and Visas all are charging 3%, and Amex is still at 2%. I'm taking my Amex (even though it is not as widely accepted).
Jun 11, 2005 | 9:27 am
#7
Join Date: Jan 2004
Location: Louisville, KY, USA
Posts: 2,596
Originally Posted by LLB
Now it looks like my MC's and Visas all are charging 3%, and Amex is still at 2%. I'm taking my Amex (even though it is not as widely accepted).
Jun 11, 2005 | 9:32 am
#8
Join Date: Jan 2004
Location: Louisville, KY, USA
Posts: 2,596
Originally Posted by tsastor
This seems to be the custom in the US [3% charge]. I have an European Visa, MC and DC and none of those charge any fee for Foreign Purchases. I think you Americans should not accept this situation. I think the reason for the fee is that most Americans never travel abroad so they don't care.
Jun 11, 2005 | 10:23 am
#9
Join Date: May 2005
Location: Las Vegas, NV
Programs: *wood/DC
Posts: 105
Originally Posted by tsastor
This seems to be the custom in the US. I have an European Visa, MC and DC and none of those charge any fee for Foreign Purchases. I think you Americans should not accept this situation. I think the reason for the fee is that most Americans never travel abroad so they don't care.
Jun 12, 2005 | 9:57 am
#11
Join Date: Jan 2004
Location: Louisville, KY, USA
Posts: 2,596
Originally Posted by LLB
mshaikun - if you notice, I did say that MY mc's and visa's charge 3% now, there may be some out there that don't, but after checking on the cards I have, they charge 3%.
"Not so for all cards. MBNA is a mixed bag."
There are MC's and Visa's that charge less. Even some issued by MBNA. You need to change cards or get separate card for international travel if you travel much internationally .
Jun 15, 2005 | 6:38 pm
#13
Join Date: Jan 2004
Location: Louisville, KY, USA
Posts: 2,596
Originally Posted by fet
citi aadvantage your best bet
My Starwood Card gives AA miles. A $20,000 spend = 25,000 miles. beats CITI but as an Amex card it is not taken everywhere. Still it is my favorite card.
Jun 16, 2005 | 8:24 am
#14
Join Date: Mar 2000
Location: Bronx, NY, USA
Programs: UA Premier Executive, Hilton Gold
Posts: 58
The real question is now much do you charge in a foreign currency when you are out of the USA. 1-3 thousand dollars may add only an extra 10-30 dollars out of your pocket. Is the concern really worth it?
Jun 16, 2005 | 10:32 am
#15
Join Date: Apr 2002
Posts: 1,374
Originally Posted by hernande
The real question is now much do you charge in a foreign currency when you are out of the USA. 1-3 thousand dollars may add only an extra 10-30 dollars out of your pocket. Is the concern really worth it?