![]() In the agreement, there’s a chart similar to the ones illustrated above that lists all the fees assessed on your card. Review Your Paper Cardholder Agreement - When you received your new credit card in the mail, a cardholder agreement was included.Call Your Credit Card Company - Contact your credit card company and ask whether your card charges a foreign transaction fee by calling the phone number printed on the back of your card.Here’s an example of a section of the Schumer Box for a credit card that does charge a foreign transaction fee:ĭetermining if your existing credit card charges a foreign transaction fee: Here’s what you’ll see in the Schumer Box if the credit card you’re researching does not charge a foreign transaction fee: It’s named after Charles (Chuck) Schumer, the congressman responsible for the legislation that requires credit card companies to clearly disclose costs and terms associated with each card.Īll credit card companies must use a standard format for the Schumer Box, so comparing cards became much easier after this legislation was passed in 1988.įor a credit card you’re considering, you can review the Schumer Box online for that specific card by clicking on a link titled: You may need to dig deeper to find out for certain.įortunately, all of the financial information you’ll need can be found in what’s known as a Schumer Box. In some cases, the promotional summary for a credit card doesn’t disclose whether there is a foreign transaction fee charged on the card. How To Find Out if a Credit Card Charges a Foreign Transaction Fee These fees are perfectly legal, but more and more credit card companies are eliminating them since informed travelers choose credit cards that don’t charge foreign transaction fees. ![]() The common rate is around 3% of the total foreign purchase amount, and there is no limit as to how much can be charged. What You Should Know About Foreign Transaction Fees What Is a Foreign Transaction Fee?įoreign transaction fees are assessed by your credit card issuer on any transaction processed by a foreign bank. Let’s take a look at these fees and some of the best cards you can use to avoid them. As a result, the list of credit cards that don’t charge these fees is growing as issuers introduce new card products without foreign transaction fees and remove them from some existing cards. For example, if you purchase an airline ticket from a foreign company, you may be charged a foreign transaction fee.įoreign transaction fees are widely unpopular, especially with travelers frequently paying their foreign expenses with credit cards. The fees can also be charged on transactions made with foreign banks, even if you’re making the purchase from the U.S. Unless a specific rate is required by applicable law, the conversion rate from US Dollar to Indian Rupees will be at the rates provided by Visa, Mastercard or Amex, as the case may be, on the settlement date, increased by a Currency Conversion Factor assessment (currently 3.50%) on such transactions.If you’re a frequent international traveler, you’re probably familiar with foreign transaction fees, those pesky extra fees charged by your credit card company on every purchase you make outside of the U.S. If the transaction is not in US Dollars, the conversion will be made through US Dollars, by converting the charged amount into US Dollars and then by converting the US Dollar amount into Indian Rupees. The conversion will take place on the date the transaction is settled with ICICI Bank, which may not be the same date on which the transaction was done. If a transaction is done in a currency other than Indian Rupees, that transaction will be converted into Indian Rupees. 125 + GSTĪlways make your international payments in local currency of country of travel to avoid excessive surcharge. ![]() Mark up fee - 3.5% + Goods and Services Tax (GST)ĪTM Cash Withdrawal Fee overseas – Rs. Second factor authorisation is not mandatory on international transactions i.e.Hence, it protects your card from skimming. ![]() These cards have all card data encrypted in a microchip, which is difficult to duplicate. ICICI Bank issues Europay Mastercard and Visa (EMV) Chip Credit & Debit Cards for international usage.Yes, it is secure to use your card globally. E-com transactions on all global websites like: iTunes, Netflix, payments for GRE, GMAT, Airbnb, Agoda, Emirates and many more.Any transaction made at Point of Sale (POS) overseas. ![]()
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