So the question is - what can I do about this? When choosing a credit card to take overseas look at all your options. Here are some of the best rated:
NOTE: A lot of stores will offer to convert the charge to US instead of Euro. If you have a credit card that doesn't charge transactions fees it is better to charge the card in Euro. They offer this for a reason - they want to make a little money in the exchange.
Capital One Venture & VentureOne
For years, the Capital One VentureOne credit card has been our go-to recommendation for young travelers looking for a credit card to take abroad.Capital One was among the first card issuers to eliminate foreign currency transaction fees on certain cards. In addition to no foreign currency transaction fee, the VentureOne card has a straightforward rewards program in which you earn 1.25 miles for every eligible dollar spent on purchases. There are no caps to how many miles you can earn and you can redeem them for travel at any time, on any airline, as well as on hotels and other travel expenses
Chase Sapphire Preferred
The Chase Sapphire Preferred card is a must-have card for any serious traveler. It has an annual fee of $95 (waived the first year) that’s well worth it if you’ll do a bit of spending on the card. It has no foreign currency transaction fee and a points-based travel rewards program that can quickly add up. You’ll earn two points on travel and dining at restaurants plus one point per dollar spent on all other purchases. When redeemed for travel through Chase Ultimate Rewards, these points can be traded on a 1:1 basis for most major airline and hotel frequent flier programs. This card also has an award winning 24/7 dedicated customer service line that can come in handy while you’re traveling.There’s also a generous bonus for new cardmembers: Earn 50,000 bonus points when you spend $4,000 on purchases in the first 3 months from account opening. That’s $625 in travel when you redeem through Chase Ultimate Rewards.
Barclaycard Arrival & Arrival Plus
The Arrival and Arrival Plus credit cards are also excellent picks. Both offer no foreign currency transaction fee and generous miles rewards programs. The Arrival card has no annual fee and pays 2x miles on travel and dining purchases and 1x miles on everything else. The Arrival Plus card has an annual fee but pays 2x miles on all purchases.Check out this website for comparison and annual fees:
Compare Credit Cards
ATM Cards and fees:
Types of foreign transaction fees
There are two types of debit card fees you may face overseas:- International ATM fee: Typically this is a flat $2 to $5 applied every time you withdraw money in a foreign currency at an ATM abroad. Some financial institutions treat such uses like transactions through out-of-network ATMs within the U.S.
- Foreign transaction fee: This conversion charge often ranges from 1% to 3% of the amount involved in a debit card transaction conducted in a foreign currency.
| Institution | ATM Withdrawal Fee | Purchase Fee |
|---|---|---|
| Alliant Credit Union | 1% of withdrawal amount | 1% of purchase value |
| Note: Alliant debit card holders can be reimbursed up to $20 per month for out-of-network ATM fees, including abroad. | ||
| Ally Bank | 1% of amount | 1% |
| Bank of America | $5 + 3% of amount | 3% |
| Bank5 Connect | 1% of amount | 1% |
| Branch Banking & Trust Company (BB&T) | $5 + 3% of amount | 3% |
| Note: No flat fee for account holders in Texas | ||
| BMO Harris Bank | $2.50 + 3% of amount | 3% |
| Note: No flat fee for those with Portfolio Checking after the fifth relevant transaction | ||
| Chase Bank | $5 + 3% of amount | 3% |
| Note: No flat fee for those with Premier Platinum Checking | ||
| Citibank | $2.50 + 3% of amount | 3% |
| Note: No fees for those using a Citigold debit card in participating countries | ||
| Citizens Bank | $3 + up to 1.8% of amount | Up to 1.8% |
| Note: No ATM fee for the first relevant transaction for those with Value Checking No ATM fee for the first four relevant transactions on a Circle Gold Checking with Interest account | ||
| BBVA Compass Bank | $3 + 1% of amount | 3% |
| Connexus Credit Union | $2 (some withdrawals may be free) + 1% of amount | 1% |
| Consumers Credit Union | $1.50 + 2% of amount | 2% |
| Fifth Third Bank | $5 + 3% of amount | 3% |
| HSBC Bank | 3% of amount | 3% |
| Note: No ATM fee with Premier Checking in most countries | ||
| M&T Bank | Greater of 50 cents or 3% of amount | Higher value: $5 or 3% |
| Nationwide Bank | $1.50 + 1% of amount | 1% |
| Navy Federal Credit Union | $1 + 0.8% of amount | 0.80% |
| Pentagon Federal Credit Union | $3 + up to 2% of amount | Up to 2% |
| PNC Bank | $3 or $5 + 3% of amount | 3% |
| Note: $3 for non-PNC ATM use in Puerto Rico, U.S. Virgin Islands and Canada; $5 for ATMs in any other country No flat fee with Performance Checking | ||
| Regions Bank | $5 + 3% of amount | 3% |
| SunTrust Bank | $5 + 3% of amount | 3% |
| TD Bank | $3 | None |
| Union Bank | $5 | 2% |
| Note: No ATM fee with Priority Banking or Private Advantage checking | Note: No fee with Private Advantage | |
| U.S. Bank | $2.50 + 3% of amount | 3% |
| Note: No ATM fee for Premium and Platinum checking First four non-U.S. Bank ATM uses free with Student Checking. | Note: If processing foreign currency to U.S. dollars instead, then the fee is 2%. | |
| Wells Fargo Bank | $5 | 3% of value |
| Note: Additional 3% of cash withdrawals made through a teller |
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