Different Currency Exchange Fee Policies In Different Options

Banks and the credit card issuers provide the consumers the convenience of being able to make international purchases or exchanging currencies easily. They often look at the convenience provided worth a price Let us take a look at the different currency exchange fee policies in different options.

While there's a cost associated with exchanging currency or doing transactions between two banks that deal with different currencies, the banks have that same cost whether the person is overseas presenting the card or the person is buying something over the web from a foreign-based company and foreign bank.

But using a credit card, debit card or ATM card overseas is turning out to be more expensive. Some are charging 2-percent fees in addition to the 1-percent currency exchange fees levied by Visa and MasterCard.

Go through the different policies for currency exchange fee in some of the major banks and credit cards.

Bank of America

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


Can charge up to 2%, with fee varying based on customer account. However, there no charges for the debit card purchases.


Can charge up 2% , with the MasterCard/Visa fee of 1%, thus adding unto a total of 3%.


Can charge up to 2% with the MasterCard/Visa fee of 1 % adding up to a total of 3%.

As the American Express is not associated with Visa or MasterCard, the American Express customers pay a 2-percent fee on every credit card purchase made outside the United States. Due to the Global ATM Alliance, the Bank of America customers can freely access Barclays ATMs in the United Kingdom, Deutsche Bank ATMs in Germany and BNP Paribas ATMs in France. But at non Global ATM Alliance ATMs, they have to pay $5 plus 1 percent currency conversion fee.

The Citibank ATMs charge a 3 percent currency conversion fee/non plus $1.50. HSBC charges 1 percent for ATM withdrawal while Chase has $3 plus 3 percent currency conversion fee. Similarly, Wells Fargo has $5 withdrawal fee.

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