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What's not clear is how much of the fee is
Posted by Noel [Email] (more from Noel) on Thu, 6 Aug 2009 05:48:57
In Reply to: credit card foreign transaction fees, yaofeng, Wed, 5 Aug 2009 05:51:44
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profit for the bank and how much is simply passing on a cost to the card user. Some of it is undoubtably a cost the banks actually incur, although that's likely a set amount per transaction, not a percentage. So the balance is profit.
However, when you use a US debit or credit card overseas there is inevitably another cost attached due to the currency exchange rate. This is just the way it has worked for decades, probably forever. With many banks the exchange rate is one they have negotiated and is typically much better than you could get on your own by walking into a bank with a fistful of cash. A banker in Switzerland even told me this last summer.
So that's one place you are charged but it's kinda in your favor.
The transaction rate is a PITA, and if you have a card that avoids it all the better. To get around it, or more likely get it reduced, talk with your bank. If you have multiple accounts and are running a lot of money through them you may have some success, but you probably won't be able to eliminate it. To a certain extent you are paying for convenience and the alternative is carrying a lot of cash.
Posts in this Thread:
- credit card foreign transaction fees, yaofeng, Wed, 5 Aug 2009 05:51:44
- Re: credit card foreign transaction fees, Mark 88t cvt, Sat, 8 Aug 2009 02:33:32
- What's not clear is how much of the fee is, Noel, Thu, 6 Aug 2009 05:48:57 <-- Viewing This Message
- TD Bank, steve, Wed, 5 Aug 2009 23:50:30
- Re: credit card foreign transaction fees, OhSaabIAOh, Wed, 5 Aug 2009 18:32:53
- Re: credit card foreign transaction fees, simul8guy, Wed, 5 Aug 2009 16:25:04
- Yes, close to all major credit cards do that....., TKC, Wed, 5 Aug 2009 07:30:17
- Re: credit card foreign transaction fees, Craig, Wed, 5 Aug 2009 07:15:53
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