How to Get a Foreign Transaction Fee Waived (2024)

FAQs

How to Get a Foreign Transaction Fee Waived? ›

How can I get a foreign transaction fee waived? There is no guarantee you will see a foreign transaction fee waived. You can attempt to get it waived by contacting your credit card's customer service department and requesting it, but there are no guarantees.

It's possible to get a foreign transaction fee waived, but it isn't easy. Call your credit card issuer's customer service department and request that they waive the fee. It works best if you've had the credit card for many years, but even then, there's no guarantee the issuer will waive the fee.

Check with the merchant if to confirm if you'll be charged an international transaction fee. The best way to avoid the international transaction fee is to look for debit and credit cards that allow you to shop overseas without being charged international fees.

You can avoid all transaction fees by paying for your purchases in cash while you're abroad.

Contact the credit card's customer service department and request they waive the fee. Cite your history as a loyal customer, the frequency with which you travel abroad, or other reasons that could justify the fee waiver. Apply for a credit card with no foreign transaction fee if your request is not granted.

Overseas ATM withdrawals will often have a separate fee, which can be up to 2% on the debit card withdrawal. Carrying local currency in cash can help you avoid these fees and offers convenience, as some locations may not accept cards.

How to avoid international phone charges. GoAbroad's top tip on how to avoid international phone charges is just to not use data if possible. Turn off roaming, pop your phone on airplane mode, and connect to Wi-Fi instead.

What Is a Foreign Transaction Fee? A foreign transaction fee is a fee charged by a credit card issuer or bank for every transaction made in a country outside of the U.S. Fees vary depending on the credit card or bank's terms and conditions, but usually fall between 1% and 5% of the purchase amount.

Which bank has free foreign transaction fee? ›

Discover® Bank

Discover doesn't charge foreign ATM network or foreign transaction fees. But Discover card acceptance can be limited outside of the U.S., Canada, Mexico and some Caribbean nations. With an HSBC Premier Checking account, customers pay no foreign transaction fees. HSBC also has a worldwide network of ATMs.

Your credit card will likely have a foreign transaction fee of around 3% if it is from Chase, PNC, Bank of America, Barclays or U.S. Bank, which charge foreign fees on most (but not all) of their cards. Your credit card will not have a foreign transaction fee if it is from Capital One, Discover, USAA, PenFed or HSBC.

These fees can be avoided by choosing a bank account that doesn't charge fees and reimburses out-of-network ATM fees and by always withdrawing local currency from ATMs. Account holders can also ask their home bank if there are partner branches or in-network ATMs in the destination country or countries.

Banks rarely refund foreign transaction fees once they have been assessed on legitimate transactions. However, many banks offer credit and debit cards that do not charge foreign transaction fees.

Foreign transaction fees generally range from 1 percent to 3 percent and tend to average around 3 percent of each transaction. Paying around $3 per $100 you spend may not sound that expensive, but these fees can add up if you're making a lot of purchases with your credit card.

Credit card issuers usually don't refund foreign transaction fees because it costs them money to process the transaction. However, you can try contacting your credit card issuer's customer service department to request a waiver. It may be easier to get a waiver if you've had the card for a long time, but there's no guarantee. Some travel credit cards may also waive foreign transaction fees. 

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You can also try these strategies to avoid foreign transaction fees:

• Use a card without foreign transaction fees

  Many credit cards don't charge foreign transaction fees. You can check your credit card's terms for more information.
• Pay in local currency

  Paying for things in local currency can avoid transaction fees, but it can also be risky.
• Use an ATM card that reimburses ATM fees

  You can also avoid DCC, which some ATMs use, to ensure you get the wholesale currency exchange rate.
• Upgrade your bank account

  Some banks may waive foreign transaction fees for customers with premium checking and savings accounts, but these accounts often have high monthly fees. 

  

  CNN

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  Investopedia

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  CNBC

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  Forbes

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  NerdWallet

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  Lending Tree

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Many international travelers encounter foreign transaction fees while making purchases or withdrawing cash from an ATM in a foreign country. The easiest way to avoid a foreign transaction fee is to use debit or credit cards with no foreign transaction fees while traveling abroad.