![]() DCC enables merchants and shop owners to set an approximate exchange rate to convert your money to USD, which is typically an inflated rate. This is because of a little thing called dynamic currency conversion (DCC). When you make a purchase or complete a transaction in a foreign country, the merchant will typically ask if you want to pay in USD (U.S. If possible, you should also try to exchange currency away from hotels, airports, hotels, or other exchange centers the rates here tend to be higher than average. Although you will still be subject to fluctuating exchange rates, you won’t have to pay extra money for a foreign country to convert your cash. Try to calculate how much money you will need for your trip ahead of time so that you can swap cash at your bank prior to your departure. Planning ahead can quite literally pay off. You can typically look on your bank’s website or mobile app for ATM locations. If you do need to use one, try withdrawing as much cash as you’ll need for the entire trip to avoid excessive charges.īefore you leave for your trip, you should also see if there will be an in-network ATM where you’ll be traveling. If possible, avoid using an ATM altogether. However, there are several things that you can do to avoid the additional charges.Įach time that you visit a foreign ATM, you are probably subject to a foreign transaction fee as well as a foreign ATM charge. Traveling can already be expensive foreign transaction fees only add fuel to the fire. Your bank may also refer to foreign transaction fees as: The foreign transaction fee may be broken up into several payouts but is typically applied to your account as a single charge. These fees also apply to online transactions or purchases made in foreign currencies even if the purchase is completed in the U.S.įoreign transaction fees typically consist of two parts: a network fee (the fee to convert your money to a different currency) and an issuing bank fee (charged by your financial institution for the service of handling the transaction). With Chase, you can receive a foreign transaction fee if you make a card purchase, non-ATM cash transaction, or ATM withdrawal in a currency other than U.S. ![]() ![]() Financial institutions charge foreign transaction fees to cover the costs of converting your money to foreign currency or passing your money through a foreign financial institution. ![]()
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