Remember that exchanging money yourself is usually far more expensive and time-consuming than withdrawing the funds using a debit card. That’s why it’s a good idea to have a debit card on hand as well. Travel around parts of Europe and you may find many restaurants and small businesses require a minimum amount (usually the equivalent of $10 or more) before they’ll accept a credit card.
But there are countries whose businesses still conduct most of their transactions in cash. Many places have readily adopted credit cards and cashless payments, and a credit card can reduce how much cash you need to carry in case of theft. Two cards worth a look are the Discover it® Cash Back* and the Discover it® Miles*. Though Discover isn’t widely accepted internationally, the company’s cards do not charge foreign transaction fees. Consider the Chase Sapphire Preferred® Card or Chase Sapphire Reserve®. ChaseĬhase offers some of the most popular travel rewards cards with high rewards-earning potential and no foreign transaction fees. Capital One’s Venture card family ( Capital One VentureOne Rewards Credit Card *, Capital One Venture Rewards Credit Card * and Capital One Venture X Rewards Credit Card *) are some of the best travel cards to consider. No Capital One cards charge foreign transaction fees. Here’s an overview of issuers and cards that don’t charge foreign transaction fees: American ExpressĪmerican Express doesn’t charge foreign transaction fees for its flagship travel cards, including The Platinum Card® from American Express, the American Express® Gold Card and the Delta SkyMiles® Gold American Express Card. Travel rewards cards usually do not charge foreign transaction fees though some secured and cash-back cards don’t either. Credit cards with no foreign transaction fees If your primary credit card charges a foreign transaction fee, you may want to add a dedicated travel credit card, which usually doesn’t charge them. Issuers will typically highlight it if a card doesn’t charge foreign transaction fees. If you don’t see one listed, it likely means you don’t have to worry. You can find them on the card issuer’s website. To find out if a credit card charges a foreign transaction fee, take a look at the card’s terms. The best way to avoid foreign transaction fees is to get a credit card that doesn’t charge them. It’s typically 1% of the purchase and is usually rolled into the foreign transaction fee. Your payment processor - Visa, Mastercard, American Express or Discover – might also charge a currency conversion fee.
But if you’re paying for most of a trip’s cost with your credit card, it can add up. If you’re using a card overseas to pay for the occasional souvenir, that charge may not be a big deal. You can get hit with a foreign transaction fee if you buy something online and the transaction is processed in a foreign currency.įoreign transaction fees typically range between 2% and 5% of the purchase amount, but 3% is the standard fee. You’ll typically face the fee when you’re outside of the US - but not always. What are foreign transaction fees? How do they work?Ī foreign transaction fee is charged when you buy something in a currency other than the US dollar.
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