Will I be charged for using my debit card abroad? (2024)

FAQs

Will I be charged for using my debit card abroad? ›

International ATM fee: Banks and credit unions typically charge a flat fee — often up to $5 — for using an ATM network in another country, plus a percentage of the amount you withdraw. This fee may be a different amount from your institution's domestic out-of-network ATM fee.

There may be additional charges from cash machines or banks when you withdraw money abroad or in a foreign currency. Check before you make the transaction.

Foreign transaction fees can add up fast when using your debit card abroad. The fees are often 1% to 3% of the amount of a purchase, and many banks also apply the fee to ATM withdrawals. Below, we compare the amount financial institutions charge to make an international ATM withdrawal or debit card purchase.

The best way to avoid foreign transaction fees is to acquire a no-foreign-transaction-fees credit card, if you qualify for one. Next in line are checking accounts or debit cards with no foreign transaction fee. It is also possible to avoid the fee by paying in the local currency for purchases.

Whether you should use a debit card for travel depends on your own circ*mstances. For instance, you should avoid using a debit card in another country if you'll be hit with high foreign transaction fees and ATM fees.

As long as you have a credit card with no foreign transaction fees, notify your credit card company of your travel plans, and only pay for purchases expressed in terms of the local currency, you should be able to avoid post-trip credit statement surprises.

The Chase Sapphire Checking account charges no fees for foreign ATM use. Bank of America international ATM fees cost a flat $5. Wells Fargo international ATM fees cost $5 for two of their checking accounts — Clear Access and Everyday checking — while Wells Fargo Prime and Premier account holders pay $0.

How much do debit cards charge for international transactions? ›

3.5% + applicable taxes on foreign currency transaction carried out on Debit Cards. The exchange rate used will be the VISA/MasterCard wholesale exchange rate prevailing at the time of transaction/merchant settlement.

All you need to do is inform your bank about certain specifics, i.e. the currency, daily usage limit, time period etc. Once you have informed your bank, subject to sufficient funds available in your account, your bank will activate international usage on your card.

On debit cards, spending is still cheaper as while there's no interest on a cash withdrawal, there's often still a fee (as well as the non-sterling transaction fee) when you use a cash machine. Since Brexit, more and more overseas ATMs have started to charge (higher) fees, so do keep an eye out.

Inform your bank and credit card company of your travel plans, so they do not flag charges you make in another country as fraudulent.

3.5% + applicable taxes on foreign currency transaction carried out on Debit Cards.

It's worth noting that, should things go wrong with something you buy overseas, credit cards offer stronger protection than debit cards – credit cards give Section 75 protection, whereas debit cards give the lesser, but still useful, chargeback protection.

Your card is compatible with most overseas ATMs. Just make sure the ATM accepts Visa cards and be sure to select Credit when making your withdrawal. Please be aware that overseas transaction fees will apply. Additional ATM operator fees may also apply.

The following are the charges associated with international debit cards: Foreign transaction charges: Every time a debit card is used at an ATM or POS terminal, foreign transaction charges range between 2.50% to 3.50%. A markup fee of 3.50% will also be charged on debit card usage.