Why is my bank charging me international fees?

The reason behind FX fees is to cover the costs associated with currency conversion and the processing of international transactions. Credit card companies often collaborate with foreign banks to facilitate these transactions, which involves a complex process of converting one currency into another.

Foreign transaction fees, also known as FX fees, are additional charges that can be incurred when using a credit card for purchases outside of the United States or in a currency other than the U.S. dollar. These fees are imposed by credit card companies and can significantly increase the cost of international transactions.

The amount of the FX fee can vary depending on the credit card issuer and the specific terms of the cardholder's agreement. Some credit cards may charge a percentage of the transaction amount, while others may have a flat fee.

It's important for consumers to be aware of these fees before making international purchases, as they can add up quickly. Some credit card issuers offer cards without FX fees, which can be a more cost-effective option for frequent travelers or those who frequently make purchases in foreign currencies.

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