Due to the tremendous response to our resources on foreign conversion fees, we’ve decided to devote a whole section of this site to exposing the companies that charge these fees and what you can do to avoid them. We affectionately call this section “Keeping 'em Honest….” Recent class action lawsuits have forced credit card companies to disclose that a foreign conversion fee is being charged on your monthly credit card statement, but many unassuming credit card users are surprised to find that they’ve been assessed finance charges after returning from trips overseas. Furthermore, after calling the credit card company to question the fees, some consumers have reported being told that the fees are “standard.” We aim to debunk some myths surrounding these “standard” fees and to help you, the consumer, avoid foreign conversion fees by finding credit card issuers that don’t charge them. We offer the following suggestions and resources to help you know what you can do to avoid such fees and take action to stop them.
Get informed
Start by reading about the fees. This concise resource will give you an overview of the situation as well as the essential information you need to know as a consumer who uses a credit or debit card internationally.
Lions, Tigers and Foreign Transaction Fees. OH MY!...
Part of the confusion surrounding the fees that credit card issuers charge to make purchases in foreign countries stems not only from the problem of who is actually charging the fee, but also from the name of the fee itself. We’ve often hear of customers calling their credit card company to ask about foreign transaction fees only to receive inaccurate or confusing information simply because they asked the wrong question. Read this article to get it all straight.
Links to comparison credit card charts
Knowledge is power. Knowing which credit cards have high conversion fees and which ones don’t is vital. Lack of consumer awareness has allowed companies to charge these fees. Though these "hidden" fees have been the reason for several law suits against credit card companies, many people are still unaware that these fees are being charged and don’t know that some credit card companies do not charge the fees.
Links to comparison debit card charts
Just like credit cards, debit cards also charge fees for making purchases internationally and using ATM machines. Some people are surprised that these fees are not the same as the fee to use a credit card by issued by the same bank.
Dynamic Currency Conversion (DCC) When it comes to making international purchases with a credit card, there are a number of ways uninformed travelers get hit with additional fees. “Dynamic conversion” is a new option for travelers to be aware of – especially since it that can add exponentially more to the overall price of the purchase. In fact, the fees can be so extreme that some consumer advocates have taken to calling “dynamic currency conversion” a scam. Although fees are added to the purchase in such a way that consumers have almost no way of knowing the actual total fee paid, the practice is legal almost everywhere in the world.
What credit card companies say and what they really mean
When people call their credit card companies about international conversion fees, many have reported getting either inaccurate information. Even worse, some representatives don’t seem to know what a “foreign conversion fee” is. Customers are often angered by such experiences. Though it is most definitely a problem, the actual representative isn’t to blame. They are often under-trained and underpaid by the credit card company. If the information isn’t listed on the computer screen in front of them, they usually don't know the answer. Unless you feel you are talking to someone very knowledgeable when you call your credit card company to verify fee information, ask to speak to a supervisor or manager and double check the information you've previously received with them. Also be sure to check out our individual credit card company foreign conversion fee listings. If the information you receive from your credit card company is different from what is listed on this site, update the listing and tell us what the credit card representatives told you.
Information about what you can do solve the problem
Take action! The best way to get your credit card company's attention is by canceling a credit card with high international foreign conversion fees and make sure they know that this is the reason you canceled the card. Reward credit card companies with low foreign conversion fees and sign up to do your business with them instead. Click here for a list of companies with low international conversion fees. Already taken these measures? Write your credit card company to tell them that you’re aware of the fact that they charge disproportionately high fees, and that you don't like it. We want to know about what they’ve said to you in response, so feel free to post either their response or your letter to them on this site.
Stay informed
TravelFinances.com keeps you informed by posting news and updates about which credit card companies are (and are not) doing with their foreign conversion fees. We also post changes in fee structures in our directory of credit card conversion fees. To stay informed, stay tuned...
This site is intended to help inform, not dictate, financial decisions. Users are encouraged to verify information posted here with their financial institutions directly. Then, please post changes (or verify) existing information on this site. TravelFinances.com does not represent or endorse any financial products. Opinions posted are exclusively those of the original author. Where possible, links to promotions or offers from financial institutions are included for your convenience. We invite you to use these links since they help fund the daily maintenance of this site. (See more disclaimer information.)
Due to the tremendous response to our resources on foreign conversion fees, we’ve decided to devote a whole section of this site to exposing the companies that charge these fees and what you can do to avoid them. We affectionately call this section “Keeping 'em Honest….” Recent class action lawsuits have forced credit card companies to disclose that a foreign conversion fee is being charged on your monthly credit card statement, but many unassuming credit card users are surprised to find that they’ve been assessed finance charges after returning from trips overseas. Furthermore, after calling the credit card company to question the fees, some consumers have reported being told that the fees are “standard.” We aim to debunk some myths surrounding these “standard” fees and to help you, the consumer, avoid foreign conversion fees by finding credit card issuers that don’t charge them. We offer the following suggestions and resources to help you know what you can do to avoid such fees and take action to stop them.
