Keyword Analysis & Research: currency conversion fees on credit cards

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Frequently Asked Questions

Where to exchange currency at the best rates?

The following are some of the best and least expensive places to convert currency: Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, offer the added benefit of having ATMs overseas. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.

What does visa charge for currency conversion?

Often the foreign transaction fee you pay includes the currency conversion fee. For example, your total fee might be 3%, with 1% consisting of the currency conversion fee and 2% accounting for the transaction fee. Visa and MasterCard charge a 1% currency conversion fee to the card issuer.

How do you calculate exchange rate?

The formula for calculating exchange rates is to multiply when exchanging from base currency to a secondary currency, and to divide when vice-versa. Therefore, if the EUR/USD exchange rate is 1.30 euros, and $100 is to be converted into euros, the formula is $100 divided by 1.3, giving 76.92 euros.

Where should you exchange foreign currency?

Where to Exchange Currency in the U.S. If you like to plan ahead and want to exchange currencyin the U.S., your bank or credit union will be your best bet. They have access to the best exchange rates and usually charge fewer fees than exchange bureaus. Most big banks sell foreign currency to customers in person at a local branch.

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