dollars using the applicable exchange rate without prior notice to you.įor additional information related to Wires and foreign currency wires, please see the Online Access Agreement or applicable service documentation. Incoming wire transfers received in a foreign currency for payment into your account will be converted into U.S. What is a foreign transaction fee A foreign transaction fee is one of the most common types of fees you could face if you use your credit card at a non-U.S. Those fees can add 3 to the cost of each purchase. We may refuse to process any request for a foreign exchange transaction. Americans who want to take advantage of the favorable exchange rate should use a credit card without a foreign transaction fee whenever possible. Wells Fargo is your arms-length counterparty on foreign exchange transactions. Foreign exchange markets are dynamic and rates fluctuate over time based on market conditions, liquidity, and risks. Different customers may receive different rates for transactions that are the same or similar, and the applicable exchange rate may be different for foreign currency cash, drafts, checks, or wire transfers. The exchange rate Wells Fargo provides to you may be different from exchange rates you see elsewhere. In Australia (for example online) where there is an overseas connection, as the merchant, or the financial institution or entity processing the transaction, is located overseas. The applicable exchange rate does not include, and is separate from, any applicable fees. We charge you an international transaction fee when you make a purchase or obtain a cash advance (whether in a foreign currency or Australian dollars): While overseas or. The markup is designed to compensate us for several considerations including, without limitation, costs incurred, market risks, and our desired return. The exchange rate used when Wells Fargo converts one currency to another is set at our sole discretion, and it includes a markup. If you travel often and don't already have a no foreign transaction fee credit card, you may want to consider applying for one.In addition to any applicable fees, Wells Fargo makes money when we convert one currency to another currency for you. Apply for a card with no foreign transaction fees ![]() You can also convert currency at the airport should you need some last-minute funds, but remember that some airports charge a higher percentage for currency exchange. You can convert the money at your home bank or order the currency online and take it with you. Get an idea of how much cash you'll need before your trip. But also, you might find yourself in a location where credit cards aren't widely accepted. You may not want to walk around an unfamiliar place with a ton of cash. ![]() If you opt to pay with the local currency, your bank will deal with the conversion and likely give you a better rate. This practice is called dynamic currency conversion. If you choose USD, the merchant decides the exchange rate, which could be inflated. That way, you're able to pay for everything using the local currency, without having to worry about vendors along your trip not accepting USD. Choosing the local currency may be the better move here. If you're using your credit card for a purchase in another country, you may be asked if you'd like to use USD or the local currency. But there are other ways to get around added fees while traveling. The easiest way to avoid foreign transaction fees is to get a credit card that doesn't apply them, if you don't already have one. But there are issuers that do not impose foreign transaction fees on the. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. 2 Western Union also makes money from currency exchange. But there are issuers that do not impose foreign transaction fees on the cardmember as well. Foreign transaction fees typically range from one to three percent on average. 1 Earn 1 point for every 1 in qualifying transfer fees spent on a single transaction. It also includes websites based outside of the U.S.įoreign transaction fees typically range from one to three percent on average. ![]() This isn't just limited to brick-and-mortar locations abroad. What is a foreign transaction fee?Ī foreign transaction fee is a charge assessed by your credit card issuer on transactions made in any currency other than U.S. Foreign transaction fees, also called foreign purchase transaction fees or foreign currency transaction fees, are important to consider when using any form of electronic payment while traveling abroad. There are no HSBC fees for using a Global Money card to withdraw cash outside the UK, although other non-HSBC fees may apply.
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