Chase Foreign Transaction Fees, Does Chase Debit Card Have Foreign Transaction Fees?

What is Foreign Transaction Fee?

A foreign transaction fee, also known as a foreign purchase transaction fee or foreign currency transaction fee, is a charge imposed by financial institutions on consumers making purchases in foreign currencies. Typically ranging from 1% to 3% of the transaction value, these fees apply to card transactions made overseas or with foreign merchants.

U.S. travelers may encounter these fees while abroad or even when making online purchases from foreign vendors. Some banks and Credit Card Issuers offer waivers or fee-free cards for certain customers, although it's crucial to distinguish foreign transaction fees from currency conversion fees.

Chase Foreign Transaction Fees

Chase imposes a foreign transaction fee of 3% on various debit cards, including those featured on their website. This fee applies to every transaction conducted in a currency other than US dollars, encompassing ATM withdrawals, cash transactions, and card purchases. While the Chase Sapphire Preferred card provides a waiver for the 3% international transaction fee, it's essential to be mindful of potential fees, especially when withdrawing cash from overseas ATMs where charges can accumulate significantly.

International money transfers incur a fee of 5 USD for online and mobile payments below 5,000 USD, with the fee being waived for amounts exceeding this threshold. Branch or phone payments attract a fee of 50 USD. However, online and mobile payments are exempt from fees, while branch or phone payments carry a charge of 35 USD. A fee of 0.41% applies after the initial 10 transfers, as detailed in the Revolut app.

Does Chase Debit Card Have Foreign Transaction Fees?

Yes, Chase debit cards do have foreign transaction fees. The foreign transaction fee for Chase debit cards is 3% of the transaction amount when you spend in a currency other than USD. This fee applies to ATM withdrawals, cash transactions, and purchases you make with your card abroad or online in a foreign currency. This fee is also called the foreign exchange rate adjustment fee.

MarketsHost warmly invites you to an immersive experience, where we unveil the intricacies of Credit Cards, enabling you to make informed financial decisions with confidence.

What Types of Transactions Are Subject to Foreign Transaction Fees?

A foreign transaction fee is imposed by a credit card issuer on a transaction that takes place overseas or with a foreign merchant. These fees are typically 1%–3% of the value of the transaction and are paid by U.S. travelers in dollars.

Types of Transactions Subject to Foreign Transaction Fees include any purchase made at a store, restaurant, or other vendor outside the U.S., cash withdrawals from international ATMs, and online purchases on an international shopping website. It's advisable to choose a card without foreign transaction fees for all purchases made abroad and to opt for local currency when charged at establishments.

Which Chase Credit Cards Do Not Have Foreign Transaction Fees?

The Chase Sapphire Reserve stands out as a premier choice among credit cards that waive foreign transaction fees. With perks like 5x total points on air travel, 10x total points on car rentals and hotels, and no foreign transaction fees, it's an ideal option for frequent travelers.

The card's versatility in redeeming points, coupled with travel and purchase protections, enhances its appeal. The Chase Sapphire Reserve is well-regarded for its benefits, making it a top choice for those seeking a card with no foreign transaction fees.

Is Chase Unlimited Foreign Transaction Fee?

Yes, the Chase Freedom Unlimited® does have a foreign transaction fee of 3% for each transaction in U.S. dollars. This fee is also applicable to its counterpart, the Chase Freedom Flex℠. The 3% fee is calculated based on the total transaction amount, separate from the purchase cost, and is triggered when transactions are made in currencies other than U.S. dollars or pass through a foreign bank.

How to Avoid Foreign Transaction Fees?

Avoiding extra charges during international spending is essential. Discover three simple ways to skip foreign transaction fees: use credit cards that don't charge them, opt for fee-free debit or checking accounts, and pay in the local currency to sidestep additional costs