International travel is costly enough without having to pay extra just for swiping, dipping or tapping your credit card beyond U.S. borders. But foreign transaction fees are lurking, even domestically. Any purchase made through an international merchant and processed abroad is subject to a foreign fee.
To get a better understanding of what consumers know about foreign fees, how they influence our card choices and more, WalletHub conducted a nationally representative online survey. We asked people about everything from their international travel and spending habits to their biggest worries when using a credit card internationally. You can find the complete results in the following infographic.
Full Details Overall
| Does your credit card have a foreign transaction fee? | |
|---|---|
| Don’t Know | 48% |
| No | 29% |
| Yes | 23% |
| When can a credit card company charge a foreign transaction fee? (select all that apply) | |
| When you buy something while traveling outside the U.S. | 66% |
| When you’re in the U.S. but make a purchase that is processed abroad | 24% |
| When you buy something in person in the U.S. from a store whose parent company is based abroad | 10% |
| None of the above | 15% |
| What do you worry about most when using your credit card internationally? | |
| Card loss/theft | 47% |
| Exchange rate | 24% |
| Foreign transaction fees | 18% |
| Overspending | 11% |
| Which would you rather pay? | |
| Foreign transaction fee | 53% |
| Annual fee | 47% |
| Would you ever get a credit card that charges a foreign transaction fee? | |
| No | 59% |
| Yes | 41% |
| On your next international trip, what method of payment do you plan to use? | |
| Credit card | 40% |
| Cash | 34% |
| Debit card | 14% |
| Traveler’s checks | 12% |
| Do you think that it’s fair banks can charge you a fee every time you use your credit card with a foreign merchant? | |
| No | 63% |
| Yes | 37% |
| Is it fair that banks continue to charge foreign transaction fees during the pandemic? | |
| No | 61% |
| Yes | 39% |
| How do you get the best exchange rate when traveling abroad? | |
| Convert money at a bank before leaving | 36% |
| Convert money when you arrive in a foreign country | 27% |
| Use a credit card | 25% |
| Convert money at the airport | 12% |
| Should credit cards charge lower foreign transaction fees for purchases in countries that are allies of the US? | |
| Yes | 73% |
| No | 27% |
Note: Percentages may not total 100% due to rounding.