How to avoid the 1% charge?

[unwashed]

Has anyone figured out a Credit Card that does not charge you the 1% foreign currency conversion fee? Or do most just carry cash and have it converted?

 

[Torqued]

That fee is charged by Master Card or Visa, whichever service your card is with. No getting around it from what I've been seen. I'd like to find a way, too, if legal.

 

[unwashed]

MC and VISA are 1% AMEX is 2%. I am looking into opening up a foreign account, think that might help?

 

[AV80R]

MC and VISA are 1% AMEX is 2%. I am looking into opening up a foreign account, think that might help?

Funny you'd ask, I was just having a conversation about that with a captain I flew with. For those who are senior enough to constantly bid international lines, has any of you considered opening accounts in the countries you usually fly into?

For example for Brown guys on the 75/76 - how about opening a checking account in Japan, China, Philippines, Singapore, etc? This way when you're in China you could use a "domestic" ATM card and take out as much RMB’s as you need without any transaction fees whatsoever...

Of course, the currency fluctuation, aka the US peso's dive wouldn't affect you at all. Is it too simple to be feasible? Is it legal to open a checking account in a country you do not reside in? Anyone?

 

[unwashed]

I went to Bankrate.com and believe it or not Capital One does not charge you a fee!

 

[fokkers&beer]

My credit union looked into it, and they said it was a fee charged by Visa. They said they don't make anything off of it, just pass it on to us.
I have banked at some banks that charge an additional fee for international services. Those banks suck.

 

[Kikuchiyo]

I went to Bankrate.com and believe it or not Capital One does not charge you a fee!

I have a CapitalOne Visa card. They don't charge any foreign transaction fees, and currently are rebating the fee that Visa charges. So effectively, no foreign transaction fee, but only as long as they feel like it.

That's "what's in my wallet."

 

[Sporto]

Don't think so

Funny you'd ask, I was just having a conversation about that with a captain I flew with. For those who are senior enough to constantly bid international lines, has any of you considered opening accounts in the countries you usually fly into?

For example for Brown guys on the 75/76 - how about opening a checking account in Japan, China, Philippines, Singapore, etc? This way when you're in China you could use a "domestic" ATM card and take out as much RMB’s as you need without any transaction fees whatsoever...

Of course, the currency fluctuation, aka the US peso's dive wouldn't affect you at all. Is it too simple to be feasible? Is it legal to open a checking account in a country you do not reside in? Anyone?

I don't think you can open an account without residing in that country. Not sure about other Asia countries but I do know that in Japan, you must reside there to open an account.

 

[freighthound]

I don't think you can open an account without residing in that country. Not sure about other Asia countries but I do know that in Japan, you must reside there to open an account.

But I thought you did reside in Japan?

 

[ksu_aviator]

1% isn't that bad. I was just in Cancun and the cash exchange rate + fees was well over the 1% credit card transaction fee.