![]() ![]() Many of the credit cards on the market that offer no foreign transaction fees do not come with any extra features other than this, so it's worth deciding whether or not you will use this card when you're not on holiday too. This means that Visa or MasterCard's exchange rates will be applied to convert your spending into the local currency, with no additional costs. Instead of being charged for every transaction on your credit card spent abroad or in a foreign currency, your payment will be converted to the local currency based on your credit card network’s exchange rate at the time of purchase. This means that using a credit card with no foreign transaction fees can be one of the cheapest ways of spending money in a foreign currency. Some credit cards have no foreign transaction fees, which means that the 2%-3% charge that is usually applicable on most debit and credit cards is waived. When on holiday, the fees can add up quickly if you are regularly spending on a credit card, so it's worth shopping around for a no foreign transaction fee credit card. If you are shopping online and see that the items in your basket are listed in a foreign currency, then it's highly likely that foreign transaction fees will be applicable. The foreign transaction fee does not only apply to purchases made in another country, but also to spending online in a foreign currency. The second charge, if applicable, will come from the credit card issuer, which adds up to a total fee of 2%-3% of the bill. Your credit card network (such as Visa or MasterCard) will add a charge for handling the transaction between the merchant and your credit card issuer (such as MBNA, NatWest, etc). Usually it's a combination of two charges from your credit card network and your credit card issuer. What is a foreign transaction fee?Ī foreign transaction fee isn't always just the one fee. Read our guide to find out how you can get a credit card with no foreign transaction fee. ![]() Most debit and credit cards come with foreign transaction fees averaging around 2%-3% of the cost of the goods or service you paid for. Professional indemnity insurance quotes.Back to Insurance Travel and Business insurance.Back to Insurance Life and Health insurance.Back to Insurance Home and Tech insurance.Back to Mobile phones News, reviews & guides. ![]()
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