The beat . A blog by premiumbeat

June 10, 2010
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E-commerce

Foreign transaction fee on credit card statements

There may be an extra fee of $ .75 or $ .90 on your credit card statement. Why is that?

We are well aware of this issue but that extra fee does not come from us. We at premiumbeat.com never charge or receive any additional fees when you purchase our products. What you pay us is the amount you see on your screen when you purchase our products. So what is this fee then?

This extra fee of $.75 or $.90 cents is a “Foreign transaction fee” charged by the bank that issued your credit card. A number of US banks have a policy of adding a fee to the transaction if the seller is located outside the USA (we are located in Canada) even if the purchase is made in US$. You can call your bank to verify this with them. This fee varies and can be between 0% and 3% depending on the credit card you are using.

Unfortunately for your bookkeeping we cannot give you a receipt for that amount since we are not the one who charged for it or who received it even though on your statement our name may unfairly appear as if we are the one charging you for this. For your bookkeeping this should be considered as a bank service fee. We apologize for any inconvenience this may create but unfortunately there is nothing we can do about this issue. If you are a regular client you may want to use a different credit card for your purchases with us or for any purchases done outside of the USA. It is a great idea for the International traveler.

Our research shows the recommended credit card is from Capital One if you want to avoid paying Foreign Transaction Fees. Make sure you choose one that mentions specifically “No Foreign Transaction Fee”

http://www.cardratings.com/credit-cards/issuer/capitalone

More discussions about this topic on the web:

http://www.moneybluebook.com/list-of-credit-card-foreign-currency-transaction-fees/

http://www.travelfinances.com/Services/Foreign-Transaction-Fees-Explained.htm

http://www.creditcards.com/credit-card-news/foreign-exchange-fees-going-up-1267.php

http://www.creditinfocenter.com/wordpress/2009/06/10/beware-credit-card-foreign-transaction-fee-fever/

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  • http://YourSite(Optional) Christine

    Thanks for the links. We have the same issue for our business and we don’t know what to teall our customers. Their statement shows the charges as if we are doing it. But at least other banks write Foreign and they don’t pretend it is not from them.

    This will help
    Christine

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