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Foreign currency transactions with your credit card
Planning a trip abroad? Use your credit card to safely and securely pay for things. Credit cards are great when you’re travelling because they’re accepted in many locations and offer competitive currency exchange rates. You may have to pay a small transaction fee for using your card abroad or when you make foreign currency transactions.
Budget for foreign currency fees
Foreign currency exchange rates are subject to transaction fees. Your credit card company will likely charge you a small transaction fee for each purchase you make. These charges can vary across companies and even cards. You’ll want to read your card fee and rate disclosure statement, which comes with your cardholder welcome package, before you leave for your trip. This way, you’ll know what sort of charges you’ll have to pay. It’s common for a credit card company to charge between 1% and 3% of the purchase price.
Other purchase and return considerations
Another benefit of using your credit card abroad is the extra purchase protection it can offer. If you need to dispute a charge on your credit card, first contact the merchant to see what options may be available. If that doesn’t work, contact your credit card company to see if they can help you dispute the charge.
Apply for a credit card with CIBC
Before your next trip, make sure you have a credit card that lets you make purchases in foreign currencies. Check out our different CIBC travel rewards credit card options. You can also contact one of our customer care representatives. Call us at 1-800-465-4653 Opens your phone app..