Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
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At O1ne Mortgage, we prioritize educating our clients about financial matters. One important topic to understand is foreign transaction fees, especially if you travel frequently or make purchases from international websites. This guide will help you navigate these fees and save money on your transactions.
A foreign transaction fee is a charge applied by some credit card issuers when you make purchases in a foreign currency or use your card outside the U.S. This fee can also be known as a foreign purchase transaction fee or foreign currency conversion fee. It typically appears as a separate item on your credit card statement.
Foreign transaction fees usually range from 1% to 3% of the transaction amount. While this may seem small, it can add up quickly, especially during extended trips abroad. For example, if you spend $400 on various expenses during a trip and your card has a 2% foreign transaction fee, you would incur an additional $8 in fees.
Here are three effective ways to avoid foreign transaction fees:
Many travel credit cards do not charge foreign transaction fees. Using such a card allows you to enjoy the benefits and protections of a credit card without incurring extra charges.
Some debit cards also do not charge foreign transaction fees. However, be cautious as debit cards generally offer less fraud protection compared to credit cards.
Exchanging or withdrawing cash in the local currency can help you avoid foreign transaction fees. Be aware that some banks may charge higher fees for international ATM withdrawals.
Whether you’re planning an overseas trip or making purchases from foreign websites, it’s crucial to choose the right payment method. A credit card without foreign transaction fees is often the best option. If you need assistance with your mortgage or financial planning, call O1ne Mortgage at 213-732-3074. Our experts are here to help you make the best financial decisions.
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