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Currency-conversion fees

Editors' note: This is a 2002 story; please also see our newest story on the topic of currency conversion.

Using a credit card, debit card or ATM card overseas is getting more expensive. Some major banks are charging 2-percent fees on credit and debit card purchases made outside the United States on top of the 1-percent currency-exchange fees levied by Visa and MasterCard. Major banks are also charging a $1.50 to $3 fee every time a customer grabs cash at an overseas ATM.

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Here's a look at the overseas fee policies of some of the nation's largest banks and credit card companies, excluding the traditional 1-percent fees from Visa and MasterCard:

Overseas fee policies
Financial institution
Credit card purchase
Debit card purchase
ATM withdrawal

Bank of America

2%
up to 2%
up to $3 fee if customer uses ATM outside Global ATM Alliance

Citibank

2%
none
Fee varies based on customer account

Chase

2%
2.5%
$3

Bank One

2%
2%
$1.50
Wells Fargo
2%
2%
$3
SunTrust
none
none
$1.50
First Union/Wachovia
none
none
$1.50
Providian
2% on platinum Visa cards only
N/A
N/A
Capital One
none
N/A
N/A
MBNA
2%
N/A
N/A

American Express is not associated with Visa or MasterCard. American Express customers pay a 2-percent fee on every credit card purchase made outside the United States.

Under the Global ATM Alliance, Bank of America customers have free access to Barclays ATMs in the United Kingdom, Deutsche Bank ATMs in Germany and BNP Paribas ATMs in France.

 

 
-- Posted: May 13, 2002
   

 

 
 

 

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