foreign exchange fee on credit cards - Timeshare Users Group Online Community Forums

alliebrian · May 4, 2007, 08:18 AM

Chase is telling me that ALL Visa and MC companies charge a 3% foreign transaction fee and that AMEX charges 2%. Does anyone know if that is true or is there some VISA with a lower fee? Thanks.

heather · May 4, 2007, 08:26 AM

I pay 2.5 % on my Visa. I just phoned them to confirm.

bellesgirl · May 4, 2007, 08:51 AM

Right now, Capital One charges nothing on their Visa card. There are several threads on TUG discussing this issue.

KristinB · May 4, 2007, 10:27 AM

Take a look here.

Bill4728 · May 4, 2007, 11:31 AM

I just checked the capital one website and they DO NOT charge a foreign exchange fee.

The US dollar is so bad against most foreign monies now, why pay an extra 3%?

Blues · May 4, 2007, 01:21 PM

Yep, I can confirm that about Capital One. I've been charging a number of prepaid hotels in Spain (via Expedia, Otel, etc). The charges that show up exactly reflect the current exchange rate for the Euro, with no additional charges.

I was pleasantly surprised. That 3% fee on other cards is composed of 2% for the bank and 1% for Visa (or something like that). I thought Capital One would be free of the 2%, but would still charge the 1%. Nope. Totally free of exchange fees. Zero. Nada.

Icarus · May 4, 2007, 02:41 PM

Quote:

Originally Posted by alliebrian

Chase is telling me that ALL Visa and MC companies charge a 3% foreign transaction fee and that AMEX charges 2%. Does anyone know if that is true or is there some VISA with a lower fee? Thanks.

I believe that Amex does charge 2%, but no, "ALL Visa and MC" issuers do NOT charge 3% forex fees.

All the cards that Chase issues charge at least 3% forex fees. MC and Visa only charges them a 1% fee over the wholesale rate in effect the day your charges post. So the additional 2% is pure profit for them.

-David

Jimster · May 4, 2007, 10:58 PM

I would try your credit union for a card that does not have foreign exchange fee. Just for the record (in case there is any doubt) the foreign exchange fee charged is absolutely without justification. The banks that charge it are just saying "Well, since you're spending money, we'd like some too."

May 4, 2007, 08:18 AM	#1
alliebrian TUG Member BBS Reg. Date: Jun 6, 05 Location: arlington, va Posts: 170	foreign exchange fee on credit cards Chase is telling me that ALL Visa and MC companies charge a 3% foreign transaction fee and that AMEX charges 2%. Does anyone know if that is true or is there some VISA with a lower fee? Thanks.

May 4, 2007, 08:26 AM	#2
heather TUG Member BBS Reg. Date: Jun 6, 05 Posts: 46 Resorts: Atalaya Towers, Vacation Village at Parkway,Crown Point Resort	I pay 2.5 % on my Visa. I just phoned them to confirm. __________________ heather

May 4, 2007, 10:27 AM	#4
KristinB TUG Lifetime Member BBS Reg. Date: Jun 7, 05 Location: Stafford, VA Posts: 747 Resorts: Wyndham points (Seawatch/Nashville), Newport Overlook, Island Park Village, Park Regency	Take a look here. __________________ Kristin Bishop Review area rep for: Mexico, Africa, Asia, Australia & South Pacific, Central America, Middle East, South America My photo galleries

May 4, 2007, 11:31 AM	#5
Bill4728 Moderator TUG Lifetime Member BBS Reg. Date: Jun 6, 05 Location: Lake Tapps, WA Posts: 7,305 Resorts: Club Intrawest, Monarch Grand Vacations, Mountainside Lodge, Marriott Newport Coast	I just checked the capital one website and they DO NOT charge a foreign exchange fee. The US dollar is so bad against most foreign monies now, why pay an extra 3%? __________________ Bill All my posts should be considered my personal opinion or experience unless otherwise noted.

May 4, 2007, 10:58 PM	#8
Jimster TUG Member BBS Reg. Date: Jun 11, 05 Location: Crystal Lake, IL Posts: 1,461 Resorts: Orange Lake in FL; Silverleaf's Holiday Hills in Branson, MO.; and Murray Valley, Queensland, Australia	try your credit union I would try your credit union for a card that does not have foreign exchange fee. Just for the record (in case there is any doubt) the foreign exchange fee charged is absolutely without justification. The banks that charge it are just saying "Well, since you're spending money, we'd like some too."

May 4, 2007, 08:51 AM	#3
bellesgirl TUG Member BBS Reg. Date: Jun 6, 05 Location: Farmington Hills, MI Posts: 254 Resorts: Orlando Intl Resort Club	Right now, Capital One charges nothing on their Visa card. There are several threads on TUG discussing this issue.

May 4, 2007, 01:21 PM	#6
Blues TUG Member BBS Reg. Date: Jun 6, 05 Location: Monterey County CA Posts: 888 Resorts: HGVC, The Ridge Tahoe	Yep, I can confirm that about Capital One. I've been charging a number of prepaid hotels in Spain (via Expedia, Otel, etc). The charges that show up exactly reflect the current exchange rate for the Euro, with no additional charges. I was pleasantly surprised. That 3% fee on other cards is composed of 2% for the bank and 1% for Visa (or something like that). I thought Capital One would be free of the 2%, but would still charge the 1%. Nope. Totally free of exchange fees. Zero. Nada.

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