Cryptocurrency Q&A
What is a good currency exchange fee?
What is a good currency exchange fee?
LucyStone
Fri Oct 11 2024
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6 answers
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I'm planning to travel abroad and need to exchange some currency. I'm wondering what would be considered a good or reasonable currency exchange fee. Should I expect to pay a certain percentage or a flat fee? What's the industry standard?
6 answers
Bianca
Sun Oct 13 2024
For cardholders fortunate enough to hold a credit card that does not charge foreign transaction fees, the benefit extends beyond just avoiding the stated fee. In these cases, the credit card issuer typically absorbs the cost of the currency conversion fee as well.
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SumoPowerful
Sun Oct 13 2024
Foreign transaction fees are often a combined charge that cardholders encounter when making purchases in a foreign currency. This fee is typically incorporated into the overall transaction fee assigned to the card.
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Valeria
Sun Oct 13 2024
The makeup of a standard 3% foreign transaction fee can be broken down into two distinct components. The first is the foreign transaction fee itself, which can range from 1% to 2%, depending on the card issuer.
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Raffaele
Sun Oct 13 2024
The second component is the currency conversion fee, which is also typically a percentage of the transaction amount. In the case of a 3% fee, this can be approximately 1%, though it may vary.
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henry_harrison_philosopher
Sat Oct 12 2024
This means that cardholders with no foreign transaction fee cards enjoy a more straightforward and cost-effective experience when making purchases abroad. They do not have to factor in additional fees or worry about the intricacies of currency conversion.
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