In this article, we’ll help you understand the difference between foreign transaction fees and currency conversion fees and what you can do about them.įoreign transaction fees are a predetermined percentage charged by your credit card issuer for making a purchase from a foreign merchant. And if you try to save on fees in the future, you may be unsure of the true cost. Because currency conversion fees do not post separately to your statement, you may never notice them. A currency conversion fee is also referred to as a “foreign currency exchange fee,” which can sound a lot like a foreign transaction fee.įurthermore, currency conversion fees are often rolled into your foreign transaction fee or included in the purchase price.
In general, the terms are often confusing. When you receive your credit card statement, often weeks after your trips, the details of the transaction are likely clouded. Thankfully, if you plan ahead, you can take the mystery out of the fees that arise with foreign purchases.
However, the unexpected costs associated with international purchases are unlikely to add to your adventure experience. The excitement of international travel is often found in the unknown and unfamiliar. Currency Conversion Fees: What’s The Difference? While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. These “affiliate links” may generate income for our site when you click on them. Second, we also include links to advertisers’ offers in some of our articles. This site does not include all companies or products available within the market. The payments we receive for those placements affects how and where advertisers’ offers appear on the site. This comes from two main sources.įirst, we provide paid placements to advertisers to present their offers.
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