Peter Fox, WalletHub Analyst
@PeterFox
The best way to get foreign currency with your Capital One Venture is to use it directly for purchases as it will convert your currency automatically. On top of that, Capital One Venture features a $0 foreign transaction fee. Plus, it belongs to the Mastercard network, which benefits from extensive worldwide acceptance. A recent WallletHub study found that a no foreign transaction fee credit card is your best option for exchanging currency.
While some currency exchange offices may allow you to buy physical foreign currency using a credit card, this usually comes with extra costs, as your purchase can be treated as a cash advance. Conversely, you can use your Capital One Venture at the ATM abroad to withdraw cash in the foreign currency. But that too, is considered a cash advance and comes with exorbitant costs.
Here is how to get foreign currency with your Capital One Venture card:
- Use it directly for purchases: Capital One Venture has a $0 foreign transaction fee, so your best option is to simply use it directly to make purchases while abroad. Just make sure you decline a merchant’s offer to convert your credit card transaction from the local currency to U.S. dollars. This is known as Dynamic Currency Conversion and can be as much as 7% higher than the actual going rate. So always opt for paying in the local currency. Your card will automatically do the conversion for you.
- ATM withdrawals: As long as you have a Capital One Venture PIN, you can get foreign currency at an ATM while abroad. But know that cash advances are very costly. Capital One Venture has a cash advance APR of 28.49% (V), which starts accruing immediately, with no grace period. On top of that, there’s a 5% (min $5) cash advance fee. And some ATMs may also charge their own fees. So try to stay away from cash advances unless it’s an absolute emergency.
- Currency exchange offices: Some currency exchange offices may allow the use of credit cards to buy physical currency. But merchants may charge these purchases as cash equivalents, which would result in the same fees and interest rates as a Capital One Venture cash advance. On top of that, currency exchange merchants also charge fees of their own. So it’s best to contact them ahead to establish the full cost of buying physical foreign currency.
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People also ask
How much is the Capital One foreign transaction fee?
The Capital One foreign transaction fee is $0 on all of its cards. This means you won’t be charged extra on transactions processed outside of the United States, whether it’s a purchase at a physical location in a foreign country, or an online transaction through an internationally-based merchant.
To learn more, check out WalletHub’s editors’ picks for the best no foreign transaction fee credit cards.
read full answer by Chip Lupo, Credit Card WriterHow much is the Capital One Venture Rewards Credit Card foreign transaction fee?
The Capital One Venture Rewards Credit Card (see details, rates & fees) foreign transaction fee is $0. This means you won’t be subject to an additional charge whenever you use the Capital One Venture Rewards Credit Card (see details, rates & fees) outside of the United States. Whether it’s a purchase at a physical location in a foreign country or an online transaction through an internationally-based merchant, you won’t have to pay extra.
To learn more, refer to our guide on foreign transaction fees and our editors’ picks for the best credit cards without foreign fees.
read full answer by Maria Adams, Credit Cards ModeratorCan I use my Capital One Venture card outside the U.S.?
You can use your Capital One Venture outside the United States.
It is a Mastercard and it is accepted in over two hundred countries. It is very rare to find a location that will not accept a Mastercard credit card.
In addition to that, the Capital One Venture does not have a foreign transaction fee, which makes it ideal for international use.
read full answer by Cecil Patrick, MemberDid we answer your question?
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