Our pick for no foreign transaction fee: TransferWise Borderless
Deposit to Open
- Lower conversion fees
- No monthly fee
- No foreign transaction fee
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Accessing your money overseas — whether it’s online shopping at a foreign store from home or withdrawing cash at an overseas ATM — can get pricey. Familiarize yourself with the fees you could be facing, and consider switching to a more competitive checking account with no foreign transaction fee if the costs are starting to add up.
A foreign transaction fee, also called an FX fee, is charged to your account when a currency conversion takes place. For example, if you buy something online from Canada and your bank needs to process the payment in CAD instead of USD, it’ll charge you a fee for making this exchange. Although foreign transaction fees vary by institution, they’re usually around 3%.
If you’re stuck paying a foreign transaction fee when you swipe your card, here are a few ways to avoid them:
Checking accounts with debit cards geared toward users who make foreign transactions generally include features such as:
In addition to foreign transaction fees, look out for the following when traveling abroad:
A foreign transaction fee isn’t the only debit card issue to be concerned about. If you’re a frequent traveler or you regularly use foreign currencies, you may want to consider:
Foreign transactions fees can get pricey, especially when they’re being charged on top of each other. For example, if you withdraw money at a foreign ATM, you can be charged an ATM fee, currency conversion fee and exchange rate markup. To make sure you’re getting the best deal, compare checking accounts to find one with a debit card that works for both your domestic and international purchases.
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