I aloof got off the buzz with Citibank afterwards acquainted a agglomeration of “Foreign Transaction Fees” on my coffer annual — turns out that back you use your acclaim or debit agenda alfresco of the US, Visa and Mastercard allegation three percent in transaction fees on the spend. It doesn’t amount if you use an ATM, buy over the Internet/phone, or airing into a abundance — the credit-card companies consistently dip their beaks. Back you pay your auberge bill, back you buy a alike ticket, every time you use Amazon.uk to adjustment a British absolution (Citibank told me that they alike allegation the fee back I abjure from my Citibank US annual while at a Citibank UK ATM, application Citibank’s own network!).What makes this such a cheat is that the credit-card companies already allegation a fee — up to bristles percent! — to the merchants for processing the transaction. So Mastercard and Visa are accepting a allotment from the store, and a allotment from the customer. In a all-around marketplace, Mastercard and Visa are acting like absolution you absorb your own money is a appropriate annual admirable its own fee.The Citibank rep I batten to told me that the fee acclimated to be one percent, and that it was hidden on the credit-card bills, but that in 2006, the fees tripled and Citi started to breach them out on the bill so you could see how abominably you’re accepting hosed.
The comments, one of which comes from the “frugal traveler” himself, are annual reading, as well. Hopefully these all-embracing fees don’t arise as a abruptness to you, but if you are in agnosticism about your bank’s policy, apprehend the accomplished book on your coffer statements — some allegation antic fees, including as abundant as $5 per ATM abandonment — and apperceive that you accept options. The American acclaim abutment we accord to doesn’t accept all-embracing transaction fees. In actuality they drop money into our annual anniversary ages aloof to awning ATM fees banks ability allegation us. And, as one BoingBoing commenter acicular out, this doesn’t arise to be a Visa/Mastercard affair per se, as the fees alter abundantly from coffer to bank.
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