In the last few years, many credit card companies have begun charging foreign fees for purchases made with credit cards outside of the United States. Many customers have become frustrated, wondering why the banks and credit card companies would charge such fees. While it is easy to say that these companies just want more money, the situation is much more complex than this.
Many of the fees associated with credit cards are charged in order to pay for the costs involved with a variety of different transactions. It is important to remember that there are generally more risks involved with making credit card transactions in foreign countries. When you make purchases with your credit in a foreign country, there are likely to be problems with currency exchange, fraud, or charge backs. Because the costs involved with these things can be high, banks have decided to transfer the cost to the consumers.
Most foreign transaction fees are about 3% of the transaction, and this includes any foreign taxes or other fees you may have to pay. It is likely that these fees are permanent, and banks will continue to charge them as long as they are able to pay for the cost of making...
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