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When you use a credit card to pay for goods and services abroad or in foreign currencies over the Internet, your credit card issuer charges you a foreign transaction fee.
The amount you are charged will be a set percentage of your total transaction amount. Credit cards usually charge a percentage of 2.75% for foreign transactions, although some credit cards offer lower fees.
Foreign transactions can include purchases made in a foreign currency, cash withdrawals from using ATM machines abroad and buying foreign currency, including traveller's cheques.
The Good News!
Using your credit card abroad doesn't have to cost you an arm and a leg in fees and higher interest rates, many credit cards offer really low rates and some even offer free services and rewards that can make travelling a breeze.
To find out which credit cards are the best for use abroad, including the lowest foreign transaction fees, check out our 'use abroad' credit card comparison table, or you can find out more about the free travel services offered by many credit cards.
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