Comments on: How to get rid of a foreign transaction fee on your bill http://www.elliott.org/blog/how-to-get-rid-of-a-foreign-transaction-fee-on-your-bill/ Consumer advocate Christopher Elliott's site. Fri, 10 Feb 2012 05:25:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Anonymous http://www.elliott.org/blog/how-to-get-rid-of-a-foreign-transaction-fee-on-your-bill/comment-page-1/#comment-91210 Anonymous Tue, 10 Jan 2012 14:31:00 +0000 http://www.elliott.org/?p=7808#comment-91210 Very very very bad and very very very backward financial services from banks and totally criminal as one can never really know if they have incurred the fee in advance as websites are not definitively geographical. All in all this most probably has something to do with protecting those billion dollar companies monopoly on Chinese slave labour as e-commerce is more global and more free market and more free trade and those big campaign contributors have plenty of walk in stores full of China goods. Very very very bad and very very very backward financial services from banks and totally criminal as one can never really know if they have incurred the fee in advance as websites are not definitively geographical.

All in all this most probably has something to do with protecting those billion dollar companies monopoly on Chinese slave labour as e-commerce is more global and more free market and more free trade and those big campaign contributors have plenty of walk in stores full of China goods.

]]> By: askmrlee http://www.elliott.org/blog/how-to-get-rid-of-a-foreign-transaction-fee-on-your-bill/comment-page-1/#comment-90124 askmrlee Fri, 23 Dec 2011 06:51:00 +0000 http://www.elliott.org/?p=7808#comment-90124 Are you using the Fidelity Visa? This card has always had a 3% foreign transaction fee. The Fidelity Rewards Amex has a 1% foreign currency fee (applied only for non-USD transactions). Of course, Visa card acceptance is an advantage over Amex. In that case, I use a Capital One Visa.   Are you using the Fidelity Visa? This card has always had a 3% foreign transaction fee. The Fidelity Rewards Amex has a 1% foreign currency fee (applied only for non-USD transactions). Of course, Visa card acceptance is an advantage over Amex. In that case, I use a Capital One Visa.
 

]]> By: askmrlee http://www.elliott.org/blog/how-to-get-rid-of-a-foreign-transaction-fee-on-your-bill/comment-page-1/#comment-90123 askmrlee Fri, 23 Dec 2011 06:48:00 +0000 http://www.elliott.org/?p=7808#comment-90123 Discover and American Express do not charge foreign transaction fees. Discover eliminated their 2% foreign currency/transaction fees in November 2011, although international acceptance is limited to some European countries, Japan and China, but this seems to be growing since they now own the Diners Club International network. American Express issued Amex cards do not charge for foreign USD transactions, but will charge if in non-USD with the exception of the Platinum and Centurion cards. If your Amex is issued by a bank (FIA, Citi, Macy's or PenFed, check your terms).   Discover and American Express do not charge foreign transaction fees. Discover eliminated their 2% foreign currency/transaction fees in November 2011, although international acceptance is limited to some European countries, Japan and China, but this seems to be growing since they now own the Diners Club International network.

American Express issued Amex cards do not charge for foreign USD transactions, but will charge if in non-USD with the exception of the Platinum and Centurion cards. If your Amex is issued by a bank (FIA, Citi, Macy’s or PenFed, check your terms).
 

]]> By: Scapel http://www.elliott.org/blog/how-to-get-rid-of-a-foreign-transaction-fee-on-your-bill/comment-page-1/#comment-86488 Scapel Fri, 18 Nov 2011 14:38:00 +0000 http://www.elliott.org/?p=7808#comment-86488 I had this happen to me. I booked a $9000 trip to Antarctica out of Punta Arenas, Chile and made the transaction in US dollars. The credit card then made a $189 foreign transaction fee. I stated that I had made the transaction in USD, but they stated that it was made in a foreign country. They stated that they had notified me of this change two months previously. The credit card company did credit the $189 back. I remember when credit cards did not even make currency conversion charges. Well, I found Captial one Credit cards that don't make foreign transaction fees and don't make currency conversion charges either. Get a Capital One credit card either Visa or Mastercard. I have one of each. I had this happen to me. I booked a $9000 trip to Antarctica out of Punta Arenas, Chile and made the transaction in US dollars. The credit card then made a $189 foreign transaction fee. I stated that I had made the transaction in USD, but they stated that it was made in a foreign country. They stated that they had notified me of this change two months previously. The credit card company did credit the $189 back. I remember when credit cards did not even make currency conversion charges.
Well, I found Captial one Credit cards that don’t make foreign transaction fees and don’t make currency conversion charges either.
Get a Capital One credit card either Visa or Mastercard. I have one of each.

]]> By: ThePresidentialCandidates.us http://www.elliott.org/blog/how-to-get-rid-of-a-foreign-transaction-fee-on-your-bill/comment-page-1/#comment-83722 ThePresidentialCandidates.us Fri, 21 Oct 2011 16:57:00 +0000 http://www.elliott.org/?p=7808#comment-83722 It's infuriating all of the ways these big banks find to scam their customers.  It’s infuriating all of the ways these big banks find to scam their customers. 

]]> By: Suzie P http://www.elliott.org/blog/how-to-get-rid-of-a-foreign-transaction-fee-on-your-bill/comment-page-1/#comment-69713 Suzie P Sun, 08 May 2011 03:11:15 +0000 http://www.elliott.org/?p=7808#comment-69713 Indeed, the rate Capital One uses is PER transaction and listed individually on your statement - talk about transparency! The exchange rate is fantastic - which means always ask that the charge be put through in the original currency. And I love that I got to submit a personalized image for my credit card which has a fashionable photo of me on a whitish-lavender background. Sorry, I'm vain. :) There are times I make purchases from foreign sites, and I'm happy to say I will always use this card for those transactions. As for ATM charges, because Bank of America was raping me with a $5 PLUS 3% fee for each cash withdrawal, PLUS I'd get charged about $5 by the foreign bank (OUCH), I opened a Schwab High-Interest Investors Checking account, and they refund any transaction fees (international or domestic) and charge you nothing in addition. I looked at my statement, and they do not list the exchange rate, but looking at xe.com's historical figures, in one case, I got a better rate, and in the other case very darned close. Next time, I won't bring so much currency in advance because my bank simply doesn't give me such a great rate on currency purchases. I have smelled freedom and it is great. Ahhhh. Indeed, the rate Capital One uses is PER transaction and listed individually on your statement – talk about transparency! The exchange rate is fantastic – which means always ask that the charge be put through in the original currency. And I love that I got to submit a personalized image for my credit card which has a fashionable photo of me on a whitish-lavender background. Sorry, I’m vain. :) There are times I make purchases from foreign sites, and I’m happy to say I will always use this card for those transactions.

As for ATM charges, because Bank of America was raping me with a $5 PLUS 3% fee for each cash withdrawal, PLUS I’d get charged about $5 by the foreign bank (OUCH), I opened a Schwab High-Interest Investors Checking account, and they refund any transaction fees (international or domestic) and charge you nothing in addition. I looked at my statement, and they do not list the exchange rate, but looking at xe.com’s historical figures, in one case, I got a better rate, and in the other case very darned close. Next time, I won’t bring so much currency in advance because my bank simply doesn’t give me such a great rate on currency purchases.

I have smelled freedom and it is great. Ahhhh.

]]> By: John Garay http://www.elliott.org/blog/how-to-get-rid-of-a-foreign-transaction-fee-on-your-bill/comment-page-1/#comment-47060 John Garay Fri, 03 Sep 2010 14:41:57 +0000 http://www.elliott.org/?p=7808#comment-47060 My Fidelity 529 card (FIA Card Services) starting charging this foreign transaction fee this year. I'm suddenly getting hit with foreign transaction fees for transactions in US$ (so far: about 5 different times worth ~$50) For example, I just bought contact lenses from coastalcontacts.com - the transaction was in USD. A $6 foreign transaction fee just appeared on my bill. Why? After searching the coastalcontacts.com website, I found that they are based in British Columbia (which is hard to tell upfront - they primarily list a toll-free number and web address as their contact information).... And I thought the world was getting smaller... Sure, it's sometimes just a few cents, but there's a principle issue - these are totally unexpected, and, if it was clear they were coming, I would change to a different card. I called the credit card company, but the representative was clueless - saying that nothing has changed recently and that everyone is going to charge something when there's a foreign currency conversion... (he didn't seem to get that this fee is charged even when it is in US$). What a crock - I thought our government was supposed to be improving things with credit cards and banks... I have never seen this sort of fee until this year... My Fidelity 529 card (FIA Card Services) starting charging this foreign transaction fee this year. I’m suddenly getting hit with foreign transaction fees for transactions in US$ (so far: about 5 different times worth ~$50)

For example, I just bought contact lenses from coastalcontacts.com – the transaction was in USD. A $6 foreign transaction fee just appeared on my bill. Why? After searching the coastalcontacts.com website, I found that they are based in British Columbia (which is hard to tell upfront – they primarily list a toll-free number and web address as their contact information)…. And I thought the world was getting smaller…

Sure, it’s sometimes just a few cents, but there’s a principle issue – these are totally unexpected, and, if it was clear they were coming, I would change to a different card. I called the credit card company, but the representative was clueless – saying that nothing has changed recently and that everyone is going to charge something when there’s a foreign currency conversion… (he didn’t seem to get that this fee is charged even when it is in US$).

What a crock – I thought our government was supposed to be improving things with credit cards and banks… I have never seen this sort of fee until this year…

]]> By: jack vanesko http://www.elliott.org/blog/how-to-get-rid-of-a-foreign-transaction-fee-on-your-bill/comment-page-1/#comment-46616 jack vanesko Sun, 29 Aug 2010 13:47:59 +0000 http://www.elliott.org/?p=7808#comment-46616 The first time I questioned this type of charge with my citibank visa they explained and rescinded the charge--but---told me they would not rescind this type of charge in the future. I booked cruises with Oceania through Bob Durnan at Cruise Vacation Outlet an American co. paying US$ quoted rates . My deposit was $4500. when the visa bill showed up with a $135 conversion fee I called citibank & was told Oceania processed the charge through their bank in the Netherlands, ergo the fee, which was going to stay. My cruise agent Bob Durnan, handled this in less than 30 minutes giving me the choice of a check for $135 or a ship board credit for same. So--more than 1 way to skin a cat. I am curious to see what will happen when I pay the balance. The first time I questioned this type of charge with my citibank visa they explained and rescinded the charge–but—told me they would not rescind this type of charge in the future. I booked cruises with Oceania through Bob Durnan at Cruise Vacation Outlet an American co. paying US$ quoted rates . My deposit was $4500. when the visa bill showed up with a $135 conversion fee I called citibank & was told Oceania processed the charge through their bank in the Netherlands, ergo the fee, which was going to stay. My cruise agent Bob Durnan, handled this in less than 30 minutes giving me the choice of a check for $135 or a ship board credit for same.
So–more than 1 way to skin a cat. I am curious to see what will happen when I pay the balance.

]]> By: askmrlee http://www.elliott.org/blog/how-to-get-rid-of-a-foreign-transaction-fee-on-your-bill/comment-page-1/#comment-41733 askmrlee Mon, 07 Jun 2010 04:42:21 +0000 http://www.elliott.org/?p=7808#comment-41733 @sobre. Actually not true. Capital One does not rip you off using a bad exchange rate. I have use the Capital One Visa and a Fidelity Rewards Amex (issued by FIA Card Services/Bank of America, formerly MBNA) on annual trips to Japan over the last 2 years. The Capital One rate I received was the just about the same as the mid-market rate on xe.com, which is a rate you'll never get on an over-the-counter foreign currency transaction (i.e. cash or travelers checks exchanged at a bank or bureau de change). The Fidelity Rewards Amex charges a 1% foreign currency fee and their rate was about 1% lower than the xe.com rate, as expected. @sobre. Actually not true. Capital One does not rip you off using a bad exchange rate. I have use the Capital One Visa and a Fidelity Rewards Amex (issued by FIA Card Services/Bank of America, formerly MBNA) on annual trips to Japan over the last 2 years. The Capital One rate I received was the just about the same as the mid-market rate on xe.com, which is a rate you’ll never get on an over-the-counter foreign currency transaction (i.e. cash or travelers checks exchanged at a bank or bureau de change). The Fidelity Rewards Amex charges a 1% foreign currency fee and their rate was about 1% lower than the xe.com rate, as expected.

]]> By: sobre http://www.elliott.org/blog/how-to-get-rid-of-a-foreign-transaction-fee-on-your-bill/comment-page-1/#comment-40911 sobre Thu, 27 May 2010 23:35:59 +0000 http://www.elliott.org/?p=7808#comment-40911 I believe capital one recoups the difference by giving you a bad exchange rate. I believe capital one recoups the difference by giving you a bad exchange rate.

]]> By: Jim Honsberger http://www.elliott.org/blog/how-to-get-rid-of-a-foreign-transaction-fee-on-your-bill/comment-page-1/#comment-39335 Jim Honsberger Tue, 11 May 2010 16:25:54 +0000 http://www.elliott.org/?p=7808#comment-39335 Yeah I had the same problem with a Barclays card when I purchased 6,000 dollars worth of British Airway tickets on their U.S website using us dollars. I was charged a foreign transaction fee of 184 dollars. I certainly wasnt expecting this! I called Barclays and told them that it was a dollar transaction but they refused to remove the fee. I cancelled the card and am getting a Capital One card that doesnt charge a foreign RIPOFF transaction fee. I understand this fee if Im in Europe making charges but while Im in the U.S. making a internet transaction in U.S. dollars at a U.S website theres should be no fee! Yeah I had the same problem with a Barclays card when I purchased 6,000 dollars worth of British Airway tickets on their U.S website using us dollars.
I was charged a foreign transaction fee of 184 dollars. I certainly wasnt expecting this! I called Barclays and told them that it was a dollar transaction
but they refused to remove the fee. I cancelled the card and am getting a Capital
One card that doesnt charge a foreign RIPOFF transaction fee. I understand
this fee if Im in Europe making charges but while Im in the U.S. making a internet transaction in U.S. dollars at a U.S website theres should be no fee!

]]> By: Bo http://www.elliott.org/blog/how-to-get-rid-of-a-foreign-transaction-fee-on-your-bill/comment-page-1/#comment-38835 Bo Thu, 06 May 2010 17:16:18 +0000 http://www.elliott.org/?p=7808#comment-38835 I contested the foreign transaction fees with Bank of America but with no luck...But here is my story: I have been charged a 3% foreign transaction fee for a airline ticket that I bought here in the USA. I have called the airline, British Airways, who does not understand why this should be a foreign transaction as it was purchased via their US site in USD etc. Bank of America claims that it was processed outside of the USA which British Airway denies. I should also state that I do live in Texas and that this was a US issued card to my home address in Texas. It seems that this is a consumer trap where you could be using your card domestically only to be charged a 3% foreign transaction charges cause it was processed abroad?? How would a consumer know of such charges prior to making the transaction?? This was a business class ticket to London costing some 8000USD so the 3% charge is 240USD. Incidentally I used the card for other transactions whilst in London and I am NOT disputing those charges as they are foreign and I was aware of the foreign transaction fees for that kind of card usage. It seems that this kind of practice is quite common and I really hope that the Airlines would get involved. In a sense I would have been 3% better of had I flown a US carrier and how can foreign based airlines such as BA accept such anti-competitive behavior?? A frustrated traveler and former Bank of America card holder. I contested the foreign transaction fees with Bank of America but with no luck…But here is my story:

I have been charged a 3% foreign transaction fee for a airline ticket that I bought here in the USA. I have called the airline, British Airways, who does not understand why this should be a foreign transaction as it was purchased via their US site in USD etc. Bank of America claims that it was processed outside of the USA which British Airway denies. I should also state that I do live in Texas and that this was a US issued card to my home address in Texas.

It seems that this is a consumer trap where you could be using your card domestically only to be charged a 3% foreign transaction charges cause it was processed abroad?? How would a consumer know of such charges prior to making the transaction??

This was a business class ticket to London costing some 8000USD so the 3% charge is 240USD.

Incidentally I used the card for other transactions whilst in London and I am NOT disputing those charges as they are foreign and I was aware of the foreign transaction fees for that kind of card usage.

It seems that this kind of practice is quite common and I really hope that the Airlines would get involved. In a sense I would have been 3% better of had I flown a US carrier and how can foreign based airlines such as BA accept such anti-competitive behavior??

A frustrated traveler and former Bank of America card holder.

]]> By: ks http://www.elliott.org/blog/how-to-get-rid-of-a-foreign-transaction-fee-on-your-bill/comment-page-1/#comment-36346 ks Wed, 24 Mar 2010 04:27:15 +0000 http://www.elliott.org/?p=7808#comment-36346 i agree that the foreign transaction fees are totally unconscionable, but the only way to stop it is to vote with you dollars and move to other cards. i used to use my amex and citibank mastercard until they imposed the fees, but then i looked around a bit and found two that did not charge the fees: capital one and charles schwab visa. i now use the schwab one because a few years ago capital one watered down its travel rewards point program diluting a ton of points i had so i am still kind of annoyed with them for that. i also read that cap one has issues with "freezing" your card when you travel abroad as part of its "secuirity alert program," but i have no personal experience with that. the schwab card has frozen on me once or maybe twice in about 300 uses abroad over the last year, but overall its been great, although their electronic bill paying site is a bit user-unfriendly/behind the times, but aside from that a generally good experience--best of all is not paying the annoying transaction fees and taking my business away from citi and amex, who would have had it if they did not institute those horrible, unfair fees! i agree that the foreign transaction fees are totally unconscionable, but the only way to stop it is to vote with you dollars and move to other cards. i used to use my amex and citibank mastercard until they imposed the fees, but then i looked around a bit and found two that did not charge the fees: capital one and charles schwab visa. i now use the schwab one because a few years ago capital one watered down its travel rewards point program diluting a ton of points i had so i am still kind of annoyed with them for that. i also read that cap one has issues with “freezing” your card when you travel abroad as part of its “secuirity alert program,” but i have no personal experience with that. the schwab card has frozen on me once or maybe twice in about 300 uses abroad over the last year, but overall its been great, although their electronic bill paying site is a bit user-unfriendly/behind the times, but aside from that a generally good experience–best of all is not paying the annoying transaction fees and taking my business away from citi and amex, who would have had it if they did not institute those horrible, unfair fees!

]]> By: FM-USA http://www.elliott.org/blog/how-to-get-rid-of-a-foreign-transaction-fee-on-your-bill/comment-page-1/#comment-33312 FM-USA Tue, 09 Feb 2010 16:52:01 +0000 http://www.elliott.org/?p=7808#comment-33312 I TOO am furious on this. FEEL FREE to copy/paste and use the following. _________________________ This is in reference to the following charge on my account: 01/25/2010 $0.23 "INTERNATIONAL TRANSACT ON FEE" Am I to understand this is a new FEE? I was not informed of any new fees. This fee was never charged before 2010. Seems no matter what we do there’s a charge for this and a new charge for that, this is getting ridiculous! Therefore to recoup my undue losses I must start back-charging my “Customer use fee”. Unless this $.023 fee is removed. “NEW RULES” are implemented at any given time and us customers are not notified before such charges are made. It’s only fair that I too will have to incorporate the ‘same tactics’ to recover undue extraneous and or excessive charges. How is this whole world supposed to “Get along” if these excessive fees are creating “purchasing walls”? (signature) ______________________ Something must be done before it really gets out of hand! Just a thought: How about TAXING our politicians? Per-piece of paper charge $100.00 and/or $100.00 charge to use a pen? After all "We The People" paid for these items our politicians use. They think this stuff is free? NOPE! BACK TAX THEM TOO!!! (a little angry, well DUAH!) I TOO am furious on this.
FEEL FREE to copy/paste and use the following.
_________________________
This is in reference to the following charge on my account:
01/25/2010 $0.23 “INTERNATIONAL TRANSACT ON FEE”
Am I to understand this is a new FEE? I was not informed of any new fees. This fee was never charged before 2010.

Seems no matter what we do there’s a charge for this and a new charge for that, this is getting ridiculous! Therefore to recoup my undue losses I must start back-charging my “Customer use fee”. Unless this $.023 fee is removed.

“NEW RULES” are implemented at any given time and us customers are not notified before such charges are made.
It’s only fair that I too will have to incorporate the ‘same tactics’ to recover undue extraneous and or excessive charges.

How is this whole world supposed to “Get along” if these excessive fees are creating “purchasing walls”?
(signature)
______________________

Something must be done before it really gets out of hand!

Just a thought:
How about TAXING our politicians?
Per-piece of paper charge $100.00 and/or $100.00 charge to use a pen?
After all “We The People” paid for these items our politicians use. They think this stuff is free? NOPE!
BACK TAX THEM TOO!!!

(a little angry, well DUAH!)

]]> By: Bentor Tazenda http://www.elliott.org/blog/how-to-get-rid-of-a-foreign-transaction-fee-on-your-bill/comment-page-1/#comment-30602 Bentor Tazenda Sun, 10 Jan 2010 22:06:16 +0000 http://www.elliott.org/?p=7808#comment-30602 Kinda weird for the guy who got his ticket through Expedia. I flew recently and booked directly with foreign airlines on their website. EVA Air, in Taiwan, charged my credit card directly and did so in USD. No fees, no phony charges. The ticket price was exactly what they said it was and that was what was on my credit card. Kinda weird for the guy who got his ticket through Expedia.

I flew recently and booked directly with foreign airlines on their website. EVA Air, in Taiwan, charged my credit card directly and did so in USD. No fees, no phony charges. The ticket price was exactly what they said it was and that was what was on my credit card.

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