Currency Conversion Fees

yirsh (sxc.hu)

Currency conversion fees can raise the price of overseas travel — at a time when the weak dollar already makes traveling outside the US very costly. Most credit card issuers charge 2% for purchases made in a foreign currency, and issuers of Visa and MasterCard cards pass along an additional 1% fee. Result: Users of cards from many major banks — including Bank of America, Citibank, JPMorgan Chase and Wells Fargo — pay 3% of the transaction amount.

Better deals: Capital One charges no fee and does not pass on the 1% Visa or MasterCard fee… Wachovia and Washington Mutual pass on the 1% Visa or MasterCard fee but do not charge additional fees. Discover does not charge currency conversion fees.
Source:Emily Davidson, personal finance expert, Credit.com and former TransUnion credit expert.
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