Bank of America Visa and Mastercard charge 3% foreign transaction fee. Another way they try to get more from their customers, and give less
When traveling it is always a good idea to notify your credit card company that you will be in a different location. That way they will not decline the card with foreign transactions, making it easy to simply purchase on the card and not worry about carrying cash.
But beware that some credit cards charge a 3% transaction fee for use in foreign countries. Visa and Mastercard both charge this additional fee. American Express does not.
That is in addition to whatever interest rate you are going to pay on your goods overseas. This is just another attempt by the banks to get more money from you on everything that you purchase.
Our recommendation – Use American Express as much as possible when overseas. Not only do they have offices in most countries allowing you to get cash if you need it (and if you have a platinum card you can get more cash than the green card), but also will exchange currency, provide traveler checks, and are helpful should you need concierge service, or other services overseas. What do you get from your bank’s Visa and Mastercard – nothing.
As we travel overseas we always have a Mastercard as back up, but we use American Express, or will use their services for currency. They have the best fraud protection to date, and they do not rake you over like a bank will