Below is a comparison chart of the International Conversion Fees that some major credit card companies charge. Click here for more information about International Conversion Fees sometimes also called “Foreign Currency Conversion Fees” or “Foreign Transaction Fees.”

If the credit card company unnecessarily charges fees for international purchases made in US dollars, a “YES” is entered below in the “Fee for USD Purchase” column. Both Visa and MasterCard have announced plans to start charging 1% on all foreign purchases in US dollars.

Additionally, Visa and MasterCard are susceptible to “dynamic currency conversion” (DCC) fees charged by merchants which can add 3% or more to the total purchase. AmericanExpress cards cannot have “dynamic currency conversion fees” added.

Special offers from credit cards with Low Conversion Fees.
See the complete list of transaction fee comparisons in the conversion fee directory.
Also check out foreign conversion fee comparisons for debit cards.

This chart will not be updated again. For the most current details about the individual fees that credit cards charge, see the directory.

*Discover Card is NOT widely accepted in other countries but is working to expand acceptance of the card abroad.
**Not Applicable.
***Not all HSBC credit cards are created equal. Some HSBC cards have lower foreign transaction fees than others.
† Chase Bank customers in NY,NJ & CT should add .5% to the fee that Chase Bank adds to the foreign transaciton fee.

We’ve received quite a few reader requests over the past few weeks to include ATM and debit card foreign transaction fees in our directory of foreign transaction fees. Unlike the already complex foreign transaction fee structure that credit cards charge, debit cards pose even additional challenges when determining the exact fee to be charged for withdrawing foreign currency. This is for 2 reasons:

1) ATMs. In addition to the transaction fee charged for converting currency, there are also ATM network fees that might be assessed. These fees vary from card to card and change frequently. You may have to pay a network fee to the bank that owns the ATM in the country you are visiting. Since this is not a fee that your bank charges, your bank will not be able to tell you what this fee is in advance.
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A press release from HR&S Claims Administration details more about the recent court settlement by Visa, MasterCard and others over foreign currency transactions. Details about who is eligible for settlement refunds and exact billing disclosures have yet to be announced. The full text of the press release reads as follows and is available as a .PDF from CCFSettlement.com.
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CNN Reports:

NEW YORK (Reuters) — MasterCard Inc. said Wednesday it agreed to pay $72.48 million of a total $336 million settlement reached in a lawsuit over foreign currency conversion fees.

Other defendants included Bank of America Corp. and MBNA Corp., which the No. 2 bank bought this year; Citigroup’s Citibank unit; JPMorgan Chase & Co. and Bank One Corp., which JPMorgan bought in 2004; and Washington Mutual Inc. and Providian Financial Corp., which the thrift bought in 2005.

The end result of this case remains to be seen. Some consumers are likely to see a reimbursement for fees collected, and banks are promising better disclosure in the future. However, the practice of charging currency conversion fees is here to stay.

Planet Payment, a leading credit card merchant services provider that enables DCC fees to be charged, contacted us in response to this post about Dynamic Currency Conversion Fees. DCC has been taking a beating in the news by consumer advocates who suggest that DCC is either a “scam” or almost never in the consumer’s better interest. Planet Payment requested that we give them the opportunity to defend the DCC service. Phillip Beck, the CEO and Chairman of Planet Payment offered to answer questions about the DCC service, and we decided to take him up on his offer. His detailed responses help explain DCC from the provider’s perspective. In the interview, Beck cites credit card issuers as responsible for compounding conversion fees. Below is the full, unedited transcript of our email interview with Mr. Beck.
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A new article by Eliott McLaughlin (CNN) titled “Conquer the currency conversion conundrum” quotes Tim Jarrell, publisher of Fodor’s Travel, with some pretty strong words against Dynamic Currency Conversion. Consensus seems to be building among travel advisers that DCC does not favor the consumer. However, CNN’s latest article on the subject is perplexing at best.
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