Ethan Riley
International travel can be expensive, and foreign transaction fees can add up quickly. Fortunately, some banks and cards do not charge these fees, potentially saving you hundreds. This includes digital banks like Revolut, which offers a debit card with no fees for spending in over 150 currencies, and traditional banks like Capital One, which offers a debit card with no international transaction fees and no monthly fees or minimum deposit requirements. Other banks, like HSBC, waive foreign transaction fees for customers with high average balances.
| Characteristics | Values |
|---|---|
| Banks with no international fees | Capital One, Revolut, HSBC, Citibank, Discover Bank, Fidelity Cash Management, PNC Bank, First Republic ATM Rebate Checking |
| Cards with no international fees | Santander Select World Debit Mastercard, HSBC Premier Debit World Mastercard, Apple Card, Capital One's U.S.-issued credit cards, Chase Sapphire Preferred Card, Chase Sapphire Reserve Card, Citi Strata Premier Card, CitiBusiness/AAdvantage Platinum Select Mastercard, Wells Fargo Autograph Card, Wells Fargo Autograph Journey Card, U.S. Bank Altitude Connect Visa Signature Card |
| Cards with no foreign transaction fees | Visa, Mastercard |
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What You'll Learn
Banks with no international fees
When travelling abroad, it's important to consider the cost of international fees on your bank account. Some banks and accounts charge a foreign transaction fee of around 3%, while others offer free international transactions as a perk.
Capital One
The Capital One 360 Checking Account offers a debit card with no fees for international transactions. It's a contactless Mastercard that can be added to your mobile wallet and used anywhere that Mastercard is accepted. There are no monthly fees or minimum deposit requirements, but there is a daily purchase limit of $5,000 and a maximum ATM withdrawal of $1,000 per day.
HSBC
HSBC has a global network of branches and ATMs located worldwide. HSBC Premier checking account customers are not charged ATM withdrawal fees when using most HSBC-branded ATMs internationally. However, a foreign transaction fee of 3% is applied unless the customer maintains a $100,000 balance in combined deposit accounts and investments or a qualifying commercial balance.
Revolut
Revolut is a popular digital bank with a debit card that has no fees for spending abroad. There is no-fee currency exchange from Monday to Friday, although a 1% fee is applied at weekends.
Other Options
Other banks that offer accounts with no international fees include Wise, Santander Select, Citi, Discover, and Chase (for Premier Plus Checking customers). Bank of America also offers credit cards with no foreign transaction fees.
It's always a good idea to check with your bank before travelling to understand any potential fees and their requirements for waiving them.
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Cards with no foreign transaction fees
When it comes to cards with no foreign transaction fees, there are a variety of options available, including both credit cards and debit cards. Here are some specific examples and general recommendations:
Credit Cards with No Foreign Transaction Fees
- Chase offers several credit cards with no foreign transaction fees, such as the New United Gateway Card, which also offers bonus miles and checked bags.
- Bank of America offers credit cards with no foreign transaction fees, allowing customers to start their trips without incurring additional charges.
- Mastercard has a range of credit cards with no foreign transaction fees, including options with flat-rate redemption values for cash back or airfare redemption, simple point redemption systems, and exclusive travel benefits.
- Discover offers several credit cards without foreign transaction fees, including Discover it® Cash Back, Discover it® Miles, and Discover it® Chrome, each with its own unique features such as cash back on everyday purchases or gas cash back.
- The New United Explorer Card by Chase offers an introductory $0 annual fee for the first year, bonus Avios, and higher Avios earnings on British Airways, Aer Lingus, and Iberia flight purchases.
Debit Cards with No Foreign Transaction Fees
- Capital One 360 Checking Account provides a debit card with no international transaction fees and no monthly fees or minimum deposit requirements. It can be used anywhere that Visa and Mastercard are accepted and has a daily purchase limit of $5,000.
- Revolut is a digital bank offering a debit card with no fees for spending abroad in over 150 currencies and fee-free currency exchange during weekdays.
- Wise Multi-Currency Card offers fair exchange rates and low fees, making it a cost-effective option for international transactions.
- Santander Select World Debit Mastercard comes with extra travel benefits and can be used internationally.
It is important to note that while these cards do not charge foreign transaction fees, there may be other fees or limitations associated with their use, so it is always advisable to read the terms and conditions carefully before making a decision. Additionally, when it comes to credit cards, choosing one that matches your spending habits and provides rewards or benefits that align with your needs can help make your money go further.
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Foreign transaction fees on debit cards
Foreign transaction fees are a charge that your bank or card issuer adds to your bill when you use your debit card to make a purchase in a foreign currency. This fee is usually a percentage of the purchase amount and is typically around 1% to 3%. Foreign transaction fees can add up quickly when using your debit card abroad, and many banks also apply the fee to ATM withdrawals.
Some debit cards do not charge foreign transaction fees, including cards from Wise, Capital One, and Revolut. The HSBC Premier Debit World Mastercard also has no foreign transaction fees on purchases, and the account includes other features such as global support. The Santander Select World Debit Mastercard is another option that comes with extra travel benefits.
If you plan to travel internationally, it is a good idea to review the foreign transaction fees associated with your debit card and determine if there are ways to save on these fees. For example, some banks may reimburse you for any ATM or foreign transaction fees charged during your trip. Additionally, you may want to consider using a credit card instead of a debit card when travelling, as they often offer more consumer protections and a more favourable exchange rate.
To avoid unexpected fees, it is recommended to use ATMs in your home bank's network or at a partner bank. You can also minimise fees by withdrawing larger amounts of money less frequently rather than making multiple small withdrawals. When given the option, it is usually best to decline the dynamic currency conversion offered by merchants and pay in the local currency to avoid additional fees.
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Digital cards with no foreign transaction fees
When travelling abroad, it is always a good idea to have a card that does not charge foreign transaction fees. These fees usually range from 1% to 3% of the purchase amount, and can quickly add up to a large sum.
There are a few digital card options that do not charge foreign transaction fees. One popular option is Revolut, a digital bank whose debit card has no fees for spending in over 150 currencies and offers free currency exchange from Monday to Friday. Another option is the Capital One debit card, which also has no fees for international transactions and can be used anywhere that Visa and Mastercard are accepted. Additionally, the HSBC Premier Debit World Mastercard, which comes with the HSBC Premier checking account, has no foreign transaction fees on purchases.
If you are looking for a credit card with no foreign transaction fees, there are a few options available. Bank of America offers a credit card with no foreign transaction fees, and Chase offers several credit cards with no foreign transaction fees, such as the New United Explorer Card and the New United Gateway Card. The Capital One Savor Cash Rewards Credit Card is another option that has no foreign transaction fees and offers rewards on purchases.
It is always a good idea to check with your bank or card issuer before travelling to understand any fees or limitations that may apply.
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Cards with low foreign transaction fees
When it comes to finding a card with low foreign transaction fees, there are a few options to consider. Firstly, it's important to distinguish between credit cards and debit cards, as different cards offer different benefits and drawbacks. Here are some cards with low foreign transaction fees to consider:
Credit Cards
Several credit card companies offer cards with no foreign transaction fees, making them ideal for international travel. These include:
- Mastercard: They offer a range of cards with no foreign transaction fees, flat-rate redemption values for cash back, and simple point redemption systems. Some cards also offer exclusive travel benefits and 24/7 luxury card concierge services.
- Chase: They provide a selection of no foreign transaction fee credit cards, including the United Explorer Card and the United Gateway Card, which offer bonus miles, checked bags, and other travel benefits.
- Bank of America: They have credit cards with no foreign transaction fees and rewards programs.
- Visa Signature: Visa Signature cards often include extensive travel benefits, such as trip cancellation insurance, free checked luggage, and rental car perks.
- Capital One: Capital One offers credit cards with no foreign transaction fees and additional benefits, such as $0 fraud liability and the ability to lock your card in their mobile app if it's lost or stolen.
Debit Cards
If you're looking for a debit card with low foreign transaction fees, here are some options:
- Capital One 360 Checking Account: This debit card has no fees for international transactions and is accepted anywhere that Visa and Mastercard are. It has no monthly fees or minimum deposit requirements, but there is a daily purchase limit.
- Revolut: Revolut's debit card has no fees for spending abroad in over 150 currencies and offers fee-free currency exchange during the week (a small fee applies on weekends).
- Wise Multi-Currency Card: This card offers fair exchange rates and low fees, making it a cost-effective option for international transactions.
- Santander Select World Debit Mastercard: This card comes with a range of extra travel benefits, making it a good choice for those who frequently travel.
It's always a good idea to check the terms and conditions of each card before making a decision, as there may be other factors to consider, such as annual fees, purchase limits, or specific travel benefits. Additionally, remember to inform your card issuer about your travel plans to avoid potential fraud flags on your account.
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Frequently asked questions
Yes, there are banks that don't charge international fees, such as Capital One, HSBC, and Santander.
Yes, it is always a good idea to check with your bank before travelling to understand any potential fees and how to avoid them.
One way to avoid international fees is to use a debit or credit card that does not charge foreign transaction fees. These include cards from Wise, Capital One, and Revolut. Additionally, exchanging currency before travelling and using cash can help avoid fees.
Citibank has an international ATM network in 20 countries where customers can withdraw cash without incurring foreign transaction or withdrawal fees. HSBC also has a global network of branches and ATMs where customers can avoid ATM withdrawal fees.
Certain accounts, such as the HSBC Premier checking account, offer benefits like no foreign transaction fees on purchases and ATM withdrawals. The Chase Premier Plus Checking account also offers rebates on international cash withdrawal fees.
