credit card foreign transaction fee : r/PersonalFinanceCanada

Nvm. Found BMO statement regarding the same question. Quote """ The exchange rate for converting foreign currency transactions to Canadian dollars (for Canadian dollar cards) and to U.S. dollars (for U.S. dollar cards) is the rate charged to us by the payment network on the …

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Foreign Fees On Credit Card : R/PersonalFinanceCanada - Reddit

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Foreign fees on Credit Card . Credit I have a Cibc Aeroplan Visa which states that there is a 2.5% foreign transaction fee, but when making purchases in America, the conversion rate posted to …

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Best Of No FX Fee Credit Cards In Canada - Forbes

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4 days ago · A foreign transaction fee is an extra fee charged by your credit card issuer when you make any transaction in a foreign currency. In Canada, this rate is typically around 2.5%.

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Best No Foreign Transaction Fee Credit Card - Reddit

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So, although both cards have 2.5% f/x fee, with the cash back it is reduced to 0.5% for everything (base rate), or you could come out ahead on a net basis if applying to Rogers bills, or with …

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Foreign Transaction Fees: A Guide To International Credit Cards

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Nov 2, 2024 · Application of the foreign transaction fee, which often includes: Network fee (typically 1%) charged by Visa or Mastercard; Issuer fee (usually 1-2%) charged by the card …

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What Is A Foreign Transaction Fee? | The Motley Fool Canada

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Oct 8, 2021 · While not all credit cards come with a foreign transaction fee, those that do will charge a percentage of the purchase (usually 1% to 3%) for every foreign transaction that you …

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What Is A Foreign Transaction Fee? | Credit Karma™ Canada

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Jul 29, 2024 · For many credit cards, the foreign transaction fee is about 2.5%. ... Then, your card’s foreign transaction fee is applied. Let’s say it’s the typical 2.5%. $660 x 0.025 = $16.50. …

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After Visiting 36 Countries, I'm Sold On The Value Of Credit Cards …

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Jan 13, 2025 · Many credit cards charge a foreign transaction fee between 2% and 5% of the transaction amount when you use your credit card abroad or make purchases in a foreign …

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Best Canadian Credit Card For Travel. Looking For 0% Foreign

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I'm looking for a 0% foreign transaction fee card with best exchange rates. Ive seen 2. Home Trust Visa: uses visa exchange rates, 0% foreign transaction fees, have a $0 annual fee card …

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Mastercard Credit Card With No Foreign Transaction Fees?

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If you qualify and can continue to meet the annual spend (or only care to hold the card for 1 year), Rogers World Elite Mastercard has 3% cashback on US Dollar purchases, which offsets the …

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FAQs about credit card foreign transaction fee : r/PersonalFinanceCanada Coupon?

Is there a no foreign transaction fee credit card in Canada?

This is the only no foreign transaction fee credit card available in Canada that doesn’t charge an annual fee and has accessible minimum income requirements. Earn 1% cash back on everything you buy in Canadian dollars with no limits on how much you can earn. ...

What is a foreign transaction fee?

A foreign transaction fee is a fee charged by a credit card issuer or bank for every transaction made in a country outside of Canada. Fees vary depending on the credit card or bank’s terms and conditions, but are typically 2.5% of the purchase amount. Always check a card’s terms before assuming anything—especially when it comes to fees. ...

Does a credit card charge a foreign transaction fee?

The currency exchange rate that your card applies to your purchase is often determined by the card network, such as Mastercard or Visa. Once your purchase amount has been converted into Canadian dollars, the foreign transaction fee is applied. Here’s an example. Let’s say you make a purchase for $500 U.S. on your credit card. ...

How much is a foreign transaction fee in Canada?

In Canada, foreign transaction fees are typically around 2.5%. A foreign transaction fee is typically calculated by adding the predetermined fee percentage charged by your credit card issuer to a purchase made with a foreign merchant to the cost of the original purchase. ...

What is a foreign transaction on a credit card statement?

Every foreign transaction on your credit card statement is actually made up of 2 parts: Foreign transaction fees (also known as foreign exchange fees) are applied to your transaction total after it’s been converted to CAD using the exchange rate. ...

Do prepaid cards charge foreign transaction fees in Canada?

Several prepaid cards in Canada don’t charge foreign transaction fees and some can be paired with a no-fee bank account. These include the EQ Bank Card, the KOHO Prepaid Mastercard and the KOHO Extra Prepaid Mastercard. Travellers should use prepaid cards in lieu of using a credit card to withdraw cash from an ATM due to high cash advance fees. ...