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Below, we compare the amount financial institutions charge to create an international ATM withdrawal or debit card purchase.
Avoiding foreign transaction fees is relatively easy, and there are a few ways you can take action.
The Citi Premier card has a 0% foreign fee, same with the Costco card.
Other cards have a 2.75% fee of the converted amount you pull out of an ATM.
You’ll probably find yourself using your credit or debit card several times throughout your ILP semester abroad …
- These costs are reflective of withdrawals at out-of-network
That is why some accounts charge a foreign transaction fee, among others don’t.
You won’t pay a foreign transaction fee on debit card purchases with your Varo Checking Account.
But Varo does charge a $2.50 fee when you use an out-of-network ATM, whether in america or abroad.
You will not pay foreign transaction fees together with your Chime Checking Account if you have “International Transactions” turned on under your account settings.
Chime doesn’t refund any fees charged by foreign ATM companies, though.
Additionally, avoid any “foreign currency cards” (like those offered from forex companies) where one can pre-load money at a collection exchange rate.