Not all money is created equal. One dollar gets you more than 100
Japanese yen, but less than one British pound, for example. And the
quaint coffee shop in the south of France doesn’t want your
dollars. Even your credit card company might get a little grumpy if you
use your card outside the United States: Some will charge you a hefty foreign transaction fee – up to 3%. How do these fees work, and how can you avoid paying them?
How Foreign Transaction Fees Work
It’s pretty simple, really – these fees are charged to you when you pay for something with your U.S. debit or credit card outside of the United States. In theory, banks use the fee to cover the costs of exchanging one currency for another, and, according to the American Bankers Association, to mitigate the higher risks of fraud associated with international transactions. Visa and MasterCard charge banks 1% for foreign transactions, which banks usually pass on to the consumer, along with their own fees.
Read more Click Here / www.trade4x.net
How Foreign Transaction Fees Work
It’s pretty simple, really – these fees are charged to you when you pay for something with your U.S. debit or credit card outside of the United States. In theory, banks use the fee to cover the costs of exchanging one currency for another, and, according to the American Bankers Association, to mitigate the higher risks of fraud associated with international transactions. Visa and MasterCard charge banks 1% for foreign transactions, which banks usually pass on to the consumer, along with their own fees.
Read more Click Here / www.trade4x.net
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