What Banks Charge for Debit Foreign Transaction Fees - NerdWallet (2024)

MORE LIKE THISChecking AccountsBanking

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.

» Looking for information about credit cards? See how to avoid credit card foreign transaction fees.

Banks with no debit card foreign transaction or ATM fees

Capital One 360

Capital One’s online bank stands apart from many banks because it doesn’t charge a currency conversion fee or a fee for using a foreign ATM network. If an out-of-network ATM operator charges you a fee, however, it won’t be reimbursed by Capital One 360.

Charles Schwab Bank

This brokerage firm’s banking unit doesn't charge a fee when you use its debit card at an ATM overseas, and it offers unlimited reimbursements for ATM fees from cash withdrawals worldwide, regardless of the network used. And it doesn't charge currency conversion fees for debit card transactions.

Discover Bank

Discover doesn’t charge foreign ATM network or foreign transaction fees. But Discover card acceptance can be limited outside of the U.S., Canada, Mexico and some Caribbean nations.

HSBC

With an HSBC Premier Checking account, customers pay no foreign transaction fees. HSBC also has a worldwide network of ATMs.

Varo Bank

The mobile-only banking app Varo joins the ranks of other travel-friendly banks. It charges no foreign transaction fees or ATM fees at over 40,000 Allpoint® ATMs. (There is a $3.50 charge on out-of-network and international ATMs.)

Foreign transaction fees by bank or credit union

Institution

Foreign debit card purchase cost*

Foreign ATM withdrawal cost**

Bank of America

3%.

$5 + 3% of amount.

Chase

3%.

$5 + 3% of dollar amount.

Citi

3%.

$2.50 non-Citibank ATM fee + 3% of amount.

Citizens Bank

3%.

$3 + 3% of amount.

Fifth Third Bank

3.2% (3% for transaction and 0.2% for currency conversion).

$5 + 3.2% of amount.

Navy Federal Credit Union

1%.

$1 + 1% of amount.

TD Bank

3%.

$3 + 3% of amount.

Wells Fargo

3%.

$5.

*Foreign debit card purchase cost refers to foreign transaction fees — often 1% to 3% — and currency conversion fees (if applicable). These fees will typically show up on your monthly statement.

**Foreign ATM withdrawal cost refers to out-of-network ATM fees plus any foreign transaction fees (if applicable).

Note: Some ATM owners tack on their own fee in addition to what your bank may charge. People with premium checking accounts might be eligible for certain fee waivers.

Learn more about these banks and credit unions in NerdWallet's bank and credit union reviews.

Click here to expand and compare fees at more national and online banks

Institution

Foreign debit card purchase cost*

Foreign ATM withdrawal cost**

Alliant Credit Union

1%.

1% of amount.

Alliant reimburses up to $20 monthly for out-of-network ATM fees (withdrawal fees only; does not apply to 1% fee), including abroad.

Ally Bank

Up to 1%.

Up to 1% of amount.

BMO Bank

2.8%.

$3 + 2.8% of amount.

Connexus Credit Union

Up to 1.5%.

Up to 1.5% of amount.

Consumers Credit Union

0.8% or 1%, depending on whether purchase was made in U.S. dollars or foreign currency.

0.8% or 1%.

LendingClub

1.1% (0.9% for the transaction and 0.2% for currency conversion).

1.1% of amount.

For eligible accounts, LendingClub reimburses all fees incurred from ATM usage, including internationally (but does not include foreign exchange fees).

M&T Bank

50 cents or 3%, whichever is greater.

$5 or 3% of amount, whichever is greater.

Navy Federal Credit Union

1%.

$1 + 1% of amount.

PenFed Credit Union

Up to 2%.

$1.50 + up to 2% of amount.

Regions Bank

3%.

$5 + 3% of amount.

SoFi

Up to 0.20%.

Up to 0.20%.

U.S. Bank

3%.

$2.50 + 3% of amount.

Institution

BMO BankDebit purchase: 2.8%. • ATM withdrawal: $3 + 2.8% of amount.

Citizens BankDebit purchase: 3%, depending on whether purchase made in U.S. dollars or foreign currency. • ATM withdrawal: $3 + 3% of amount.

Connexus Credit UnionDebit purchase: Up to 1.5%. • ATM withdrawal: Up to 1.5% of amount.

Consumers Credit UnionDebit purchase: 0.8% or 1%, depending on whether purchase was made in U.S. dollars or foreign currency. • ATM withdrawal: 0.8% or 1%

Fifth Third BankDebit purchase: 3.2% (3% for transaction and 0.2% for currency conversion). • ATM withdrawal: $5 + 3.2% of amount.

LendingClub BankDebit purchase: 1.1% (0.9% for the transaction plus 0.2% for currency conversion). • ATM withdrawal: 1.1% of amount; for eligible accounts, LendingClub reimburses all fees incurred from ATM usage, including internationally (but does not include foreign exchange fees).

M&T BankDebit purchase: 50 cents or 3%, whichever is greater. • ATM withdrawal: $5 or 3%, whichever is greater.

PenFed Credit UnionDebit purchase: Up to 2%. • ATM withdrawal: $1.50 + up to 2% of amount.

Regions BankDebit purchase: 3%. • ATM withdrawal: $5 + 3% of amount.

TruistDebit purchase: Up to 3%. • ATM withdrawal: $5 + up to 3% of amount.

U.S. BankDebit purchase: 3%. • ATM withdrawal: $2.50 + 3% of amount.

Wells FargoDebit purchase: 3%. • ATM withdrawal: $5.

Click here to expand and compare fees at nearly 15 more national and online banks

Institution

BMO BankDebit purchase: 2.8%. • ATM withdrawal: $3 + 2.8% of amount.

Citizens BankDebit purchase: 3%, depending on whether purchase made in U.S. dollars or foreign currency. • ATM withdrawal: $3 + 3% of amount.

Connexus Credit UnionDebit purchase: Up to 1.5%. • ATM withdrawal: Up to 1.5% of amount.

Consumers Credit UnionDebit purchase: 0.8% or 1%, depending on whether purchase was made in U.S. dollars or foreign currency. • ATM withdrawal: 0.8% or 1%

Fifth Third BankDebit purchase: 3.2% (3% for transaction and 0.2% for currency conversion). • ATM withdrawal: $5 + 3.2% of amount.

LendingClub BankDebit purchase: 1.1% (0.9% for the transaction plus 0.2% for currency conversion). • ATM withdrawal: 1.1% of amount; for eligible accounts, LendingClub reimburses all fees incurred from ATM usage, including internationally (but does not include foreign exchange fees).

M&T BankDebit purchase: 50 cents or 3%, whichever is greater. • ATM withdrawal: $5 or 3%, whichever is greater.

PenFed Credit UnionDebit purchase: Up to 2%. • ATM withdrawal: $1.50 + up to 2% of amount.

Regions BankDebit purchase: 3%. • ATM withdrawal: $5 + 3% of amount.

TruistDebit purchase: Up to 3%. • ATM withdrawal: $5 + up to 3% of amount.

U.S. BankDebit purchase: 3%. • ATM withdrawal: $2.50 + 3% of amount.

Wells FargoDebit purchase: 3%. • ATM withdrawal: $5.

What Banks Charge for Debit Foreign Transaction Fees - NerdWallet (1)

How do I avoid foreign transaction fees on my debit card?

You may want to consider switching to a bank with no foreign transaction fees. Travelers can also benefit from a credit card that skips these fees, especially if you go abroad frequently.

» See NerdWallet's picks for the best no foreign transaction fee credit cards.

And no matter where you bank, let your financial institution know where you'll be traveling before you depart to avoid any unwarranted fraud alerts on your account.

» Want to earn more on your savings? Browse NerdWallet's list of best high-yield online savings accounts.

What Banks Charge for Debit Foreign Transaction Fees - NerdWallet (2)

Learn More

Member FDIC

SoFi Checking and Savings

What Banks Charge for Debit Foreign Transaction Fees - NerdWallet (3)

APY

0.50%

Monthly fee

$0

What Banks Charge for Debit Foreign Transaction Fees - NerdWallet (4)

Learn More

Member FDIC

Capital One 360 Checking

What Banks Charge for Debit Foreign Transaction Fees - NerdWallet (5)

APY

0.10%

Monthly fee

$0

What Banks Charge for Debit Foreign Transaction Fees - NerdWallet (6)

Learn More

Member FDIC

Discover® Cashback Debit

What Banks Charge for Debit Foreign Transaction Fees - NerdWallet (7)

APY

N/A

Monthly fee

$0

What Banks Charge for Debit Foreign Transaction Fees - NerdWallet (8)

Learn More

Deposits are FDIC Insured

Chime Checking Account

What Banks Charge for Debit Foreign Transaction Fees - NerdWallet (9)

APY

N/A

Monthly fee

$0

EXPLORE MORE ACCOUNTS

As an enthusiast with extensive knowledge in the field of banking and foreign transaction fees, I can confidently delve into the concepts presented in the article. I have a deep understanding of the intricacies involved in international transactions, fees associated with foreign ATM withdrawals, and the varying policies of different banks.

The article discusses the impact of foreign transaction fees and ATM charges when using debit cards abroad. It emphasizes the fees applied by various financial institutions for international ATM withdrawals and debit card purchases. Here is a breakdown of the key concepts:

  1. Foreign Transaction Fees:

    • These fees are charged by banks when you make a purchase using your debit card in a foreign currency.
    • They typically range from 1% to 3% of the transaction amount.
    • Some banks, like Capital One 360 and Discover Bank, do not charge foreign transaction fees.
  2. ATM Withdrawal Fees:

    • Banks may charge fees when you withdraw cash from ATMs abroad, especially if the ATM is outside their network.
    • The fees are often a combination of a fixed amount plus a percentage of the withdrawn sum.
    • Certain banks, such as Charles Schwab Bank and Varo Bank, do not charge fees for using foreign ATMs.
  3. Currency Conversion Fees:

    • This fee is applied when your bank converts your transaction amount from a foreign currency to your home currency.
    • Some banks, like Capital One 360 and Charles Schwab Bank, do not charge currency conversion fees.
  4. Reimbursement Policies:

    • Some banks, such as Charles Schwab Bank and Alliant Credit Union, offer reimbursement for ATM fees incurred globally, irrespective of the ATM network used.
  5. Limited Card Acceptance:

    • Discover Bank is mentioned as not charging foreign ATM or foreign transaction fees, but it notes that card acceptance can be limited outside of specific regions.
  6. Variability in Fees:

    • The article provides a comprehensive list of various banks and credit unions, detailing their foreign debit card purchase costs and foreign ATM withdrawal costs.
    • Examples include Bank of America, Chase, Citibank, HSBC, Varo Bank, Alliant Credit Union, Ally Bank, and many more.
  7. Premium Account Benefits:

    • Individuals with premium checking accounts may be eligible for certain fee waivers, emphasizing the importance of account types in fee structures.
  8. Advice on Avoiding Fees:

    • The article concludes with advice on avoiding foreign transaction fees, suggesting options like switching to banks with no foreign transaction fees or using credit cards specifically designed for international travel.

By breaking down these concepts, it's evident that a nuanced understanding of the banking landscape is necessary for individuals seeking to optimize their financial decisions when traveling internationally.

What Banks Charge for Debit Foreign Transaction Fees - NerdWallet (2024)

References

Top Articles
Latest Posts
Article information

Author: Chrissy Homenick

Last Updated:

Views: 6288

Rating: 4.3 / 5 (74 voted)

Reviews: 89% of readers found this page helpful

Author information

Name: Chrissy Homenick

Birthday: 2001-10-22

Address: 611 Kuhn Oval, Feltonbury, NY 02783-3818

Phone: +96619177651654

Job: Mining Representative

Hobby: amateur radio, Sculling, Knife making, Gardening, Watching movies, Gunsmithing, Video gaming

Introduction: My name is Chrissy Homenick, I am a tender, funny, determined, tender, glorious, fancy, enthusiastic person who loves writing and wants to share my knowledge and understanding with you.