steve

Does anyone know of a national credit card issuer that does not charge a conversion fee when you use the card outside the US. I have a Bank of America visa and they charged me a 2% fee on a recent trip to Canada and Europe. This is ridiculous and another example of gouging by the big banks. <BR> <BR>Any help with another credit card with Zero fees would be appreciated. I have another trip in a couple of months to Asia and I am not going to pay the tyrants at Bank of America another fee. <BR> <BR>Thanks.....

Carmen

MBNA doesn't charge the conversion fee (and if you sign up for the credit card through Barnes and Noble, you get 1% back in book dollars!)

Bob

I understand how you feel but you would have to know the exchange rate used by each card. For example the card with no fee could be 3% higher on their exchange rate. So you would be paying more in the long run. I don't have an answer myself and I'm looking into the same thing because I have a Citibank card and they charge 2% also.

Marlena

Bob, you are mistaken. Mastercard and Visa both use the interbank rate and take one percent. The exchange rate varies with the interbank rate, not with Mastercard or Visa. It's SOME of the credit card PROVIDERS that have dreamed up the "currency conversion fee", anywhere from 2-3% or more... When this all got started, there was a thread here on Fodor's urging EVERYONE to call their credit card providers and inquire as to whether they have a "currency conversion fee" and WRITE the ones who have it a letter stating that they will use alternate credit cards or traveler's checks when traveling, or cancel their accounts and establish new ones.. This must have had an impact. My Mastercard and Visa each had the fee, but it was dropped entirely by both some months later.

bank

Capital One does not charge.

Gerry

Steve: <BR>I quoted this in an earlier post and it seems appropriate here. <BR>"The latest edition(August 2001) of Smart Money Magazine(Published by the Wall Street Journal) has a "Traveler Advisory" which I quote: <BR>"While it's true that credit cards carry a better exchange rate than cash or traveler's checks(banks use the low interbank exchange rate on credit cards), there is one thing you need to watch out for: the high fees that some banks charge for converting foreign currency into dollars. <BR>MNBA and Capitol One cards carry a fee of 1% of purchases. Use cards from Citybank or Chase, or a FIRST USA[caps added]...and you will pay 3%. American Express charges 2%. <BR>With debit cards most banks charge the same conversion fee as they do on credit cards....." <BR>As you can see, these fees can add up and make a difference. $30 per thousand plus ATM fees, "international trasaction fees", the bank exchage rate differential etc. It's more than the just $1 or $2 that some people think. So it's a good idea to check your card." <BR> <BR>Steve, I agree with you that this is gouging by the banks. I too was blind-sided with a 2% fee by Bank of America on my visa. Maybe someone can recommend some better cards. Or would they just start charging the fee as soon as we sign up? <BR>My Wells Fargo ATM so far does not charge a conversion fee when I get cash. So I try to pay everything I can in cash. This has an added benefit that many merchants will give you a discount if you pay in cash. (They have to pay outrageous fee to the card companies too!)

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Bob

Marlena, thanks for the information.

Pat

If you belong to a credit union, try getting a Mastercard or Visa through them. When we were going to London this summer, we checked and found that all of the cards we currently carried had the extra 2% tacked on. We checked with our 2 credit unions and were able to get a VISA with no extra currency conversion fee.

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Nancy

I have a Bank of America Visa and I do not get charged a conversion fee, never had had one in any of our travels overseas. I would double check to see what the banking relationship requirements are to avoid fees. Banks pricing is generally relationship based.

D

Take a look at www.schwab.com Chas. Schwab has a no fee card for foreign exchanges.

xxx

Nancy: <BR>I have a Bank of America Platinum Visa and was charged currency conversion fees of $32 on my last trip to Europe. What plan are you on?

Nancy

I will be glad to do the research on Bank of America Visa cards regarding conversion fees and plans available. If you would like me to provide responses via email or fax, please email me. <BR> <BR>I believe I am on a plan associated with my employer.

Steve

Nancy, <BR>When I called Bank of America after I noticed the charge, they said that all of their credit cards have this fee now. No exceptions. When was the last time you traveled? They added in the last year, as the first two trips to europe in 99 & 00 were free of this charge. Used the same CC.

Anna

I was charged a conversion fee of 2% on my Bank of America Visa. We try to put all of our foreign charges on our MBNA card, which doesn't charge the additional fee.