What should I know about foreign transaction fees?

Foreign transaction fees are charged by banks and credit card companies when purchases are made in a currency other than the United States dollar. Bank of the West, like many financial institutions, applies these fees to transactions conducted overseas or online from foreign merchants. Typically, these fees range from one percent to three percent of the transaction amount. It is important for customers to be aware of these charges since they can add up quickly, especially for frequent travelers or those who shop internationally. When using a Bank of the West card abroad, customers may encounter foreign transaction fees in different contexts, such as when making purchases at international retail outlets or when withdrawing cash from ATMs in foreign countries. The fees are applied to cover the costs the bank incurs in processing the currency conversion and facilitating the transaction. To avoid unexpected charges, customers should review their specific account agreements to understand the applicable fees associated with international transactions. Bank of the West may offer certain accounts or credit cards that waive foreign transaction fees, which can be a good option for those who travel frequently or make regular purchases from foreign vendors. In addition, it is wise to consider using local currency when making purchases abroad, as this can sometimes reduce the overall cost. Customers should also verify any exchanges of money, as fees may still apply at currency exchange companies. For the most accurate and current information regarding foreign transaction fees or potential alternatives, visiting the Bank of the West website could be beneficial.