What is the charge for using my debit card in a foreign country? (2024)

FAQs

What is the charge for using my debit card in a foreign country? ›

International ATM fee: This is usually a combination of a flat fee and a percentage of the amount withdrawn. Typically, fees range from $1 to $5. Foreign transaction fee: Also known as a currency conversion fee, this fee can range from 1% to 3% of the total purchase amount.

There are two types of debit card fees you may face abroad: Foreign transaction fee: Sometimes called a currency conversion fee, this applies for foreign transactions made with a debit card. It usually ranges from 1% to 3% of the purchase amount. Foreign transaction fees for credit cards work similarly.

When a debit and credit card is used outside India, the payment will mostly be in a foreign currency. On the card, the value of the transaction gets converted from the rupee to the foreign currency concerned. This attracts a forex conversion fee — usually up to 3.5% — for each transaction.

Visa exchange rate

This is the exchange rate used by Visa to convert the transaction into sterling on the day Visa processes the transaction. This might not be the same day when the transaction took place. A 2.99% fee charged by us for using your debit card abroad when making purchases, withdrawing cash or for refunds.

Foreign transaction fees are charges that credit card issuers, banks and other financial institutions impose when you use an electronic payment card to make a purchase in a foreign country or to buy goods and services in another currency. You can incur these fees whether you're using a debit card or a credit card.

The best way to avoid foreign transaction fees is to acquire a no-foreign-transaction-fees credit card, if you qualify for one. Next in line are checking accounts or debit cards with no foreign transaction fee. It is also possible to avoid the fee by paying in the local currency for purchases.

International ATM fee: This is usually a combination of a flat fee and a percentage of the amount withdrawn. Typically, fees range from $1 to $5. Foreign transaction fee: Also known as a currency conversion fee, this fee can range from 1% to 3% of the total purchase amount.

Foreign transaction fees are typically around 2-3% of each transaction in U.S. dollars. 1 This fee might consist of a 1% fee charged by the payment processor, such as MasterCard or Visa, plus another 2% fee charged by the card issuer, such as Bank of America or Wells Fargo.

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Is it better to use a credit or debit card abroad? ›

While you'll always need some cash, using a credit card for your spending needs can significantly simplify overseas travel. You won't really have to deal with converting currency and, armed with the right credit card, you won't pay unnecessary foreign transaction fees.

A good rule of thumb when traveling is to select the local currency during payment to avoid conversion fees and to use a card that doesn't charge foreign transaction fees. Cash withdrawals from international ATMs are also subject to fees.

While you can typically use a debit cards in another country, you may have to pay a foreign transaction fee. Though these fees vary by bank and card issuer, they are usually around 3% of any transaction abroad. In addition, you may be given the option by a merchant to pay in local or U.S. currency.

3.5% + applicable taxes on foreign currency transaction carried out on Debit Cards. The exchange rate used will be the VISA/MasterCard wholesale exchange rate prevailing at the time of transaction/merchant settlement. Note: With effect from 1st January 2022, ATM transaction charge rate beyond free limit of Rs.

Using your debit card or credit card on overseas purchases (either online or when outside of New Zealand) will cost 1.3-4.5% on top of what you spend, depending on what card you have. Each bank usually charges two fees; "Currency Conversion Assessment" fee and a Mastercard or Visa "Foreign Currency margin".

Before you head abroad with your credit card, you need to find out if your card will charge you a foreign transaction fee. You can check the fee schedule provided by your card issuer to determine if you will have to pay a fee, or you can call your credit card company and ask a customer service representative.

Debit Cards and International Usage

You can link these cards with your existing bank account to ensure hassle-free transactions abroad. These cards can come in handy not only in foreign transactions but also when it comes to buying something from an international website, pay for an app, signing up for Netflix, etc.

Most credit and debit cards let you spend abroad, but will charge you for the privilege.

When you pay by Visa debit card you're protected against fraud for any unauthorised spending. It may be a good idea to make card payments in local currency and avoid paying the local currency conversion charges.