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What are currency conversion fees?

Currency conversion fees, also called foreign currency exchange fees, come in two forms. Both involve charges for converting one currency to another during an international transaction. When your credit card processor handles the currency conversion, they typically charge around 1 percent of the transaction amount.

Are currency conversion fees included in foreign transaction fees?

Sometimes the currency conversion fee is included in the foreign transaction fee. Dynamic currency conversion (DCC) lets you see the cost of your transaction in your home currency when you make a purchase, as opposed to waiting until you get your credit card bill.

Why are currency conversion fees so high?

Conversion fees: When exchanging non-local currency for another foreign currency (e.g., exchanging USD for EUR in a non-EU country), fees can often be higher due to double conversion charges. These fees add up quickly. It helps to know what to expect in advance can help avoid paying more than necessary.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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