Bogdan Roberts, Credit Cards Moderator
@bogdan_roberts
The Visa credit card exchange rate is the percentage that Visa applies when converting U.S. dollars to a foreign currency. Visa sets different exchange rates for all foreign currencies, and they can change daily. Visa also has an online exchange rate calculator, so you can keep up to date with any rate changes.
The exchange rate is automatically applied to any foreign transaction using a Visa credit card. You will almost always receive a better exchange rate than you would if you were to convert cash at an international airport or hotel kiosk. Plus, as a major global network, Visa is accepted in more than 200 countries and territories.
How to Find the Visa Credit Card Exchange Rate
- Visit Visa's online exchange rate calculator.
- Enter the currency amount.
- Select United States Dollar (USD) for the card currency.
- Choose the desired foreign transaction currency.
- Enter today's date, or earlier, depending on the transaction.
- Include the bank fee – also known as a foreign transaction fee – if applicable.
- Click "Calculate Conversion".
- You should see the foreign currency converted into U.S. dollars, including any applicable foreign transaction fees.
When making foreign transactions, you should use a Visa credit card with no foreign transaction fee. It is also worth noting that foreign transaction fees are 2-4% surcharges that are tacked on to any point-of-sale purchases outside of the United States, or purchases made through an internationally-based merchant. The Capital One Venture X Rewards Credit Card and the Chase Sapphire Preferred® Card are a couple of the best Visa cards with a $0 foreign transaction fee.
You should also avoid the Dynamic Currency Conversion. This occurs when a foreign vendor will offer to convert the price of your purchase from the local currency into U.S. dollars. While it might appear to be a convenience, you should always decline this type of conversion. In reality, the merchant will use a rate higher than your Visa credit card exchange rate (as much as 7% higher) and pocket the difference.
People also ask
How do I avoid foreign transaction fees?
The best way to avoid foreign transaction fees is to use a debit or credit card that waives foreign fees when you're traveling abroad or making online purchases from international retailers. About 25% of credit card offers don't have foreign transaction fees, so there’s no reason to pay the extra charge.
How to avoid foreign transaction fees
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Is using a credit card internationally a good idea?
Yes, using a credit card internationally is a good idea because it’s safer, since you don’t have to carry as much cash and all major credit card companies offer $0 fraud liability guarantees. Using a credit card internationally also gets you the best currency exchange rates, and it’s a great opportunity to earn rewards.
Not all credit cards are suitable for international use, however. It’s best to use a no foreign transaction fee credit card on the Visa or Mastercard network. There are several other things you should...
read full answer by WalletHub, Financial CompanyWhat are the best credit cards with no annual fee and no foreign transaction fee?
There are plenty that fit into that category. The obvious think to consider is that most (if not all) have a requirement of 700 or more.
Still, you could get better offers with no foreign transaction fees but with an annual fee. If you think the annual thing's no good, I'd say try Discover it.
read full answer by George Dillons, MemberDid we answer your question?
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