New Fees
The ways banks find to earn more from customers truly boggles my mind. On bank-issued credit cards, we used to receive the lowest exchange rate when purchasing something abroad. It made sense to use your credit card when traveling outside the U.S. Recently banks changed which exchange rate will be used, and beginning this month, they have the option to add an “International Transaction Fee” for any purchase made in currency other than U.S. dolars.
According to a notice from the Bank of America, N.A.
“We may add a 1% fee to the U.S. dollar amount of any transaction that is made in foreign currency or that is made outside the United States even if you pay in U.S. dollars … “
Considering the cost of already-expensive foreign travel, this extra one percent charge on top of an unknown exchange rate might make American touists think twice before whipping out the old credit card when traveling abroad.
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