Foreign currency transactions with your credit card
Planning a trip abroad? Credit Cards offer a great form of payment as they’re accepted in many locations, and often provide you with good currency exchange rates. Of course, you may encounter some small transaction fees for using your card abroad or otherwise making foreign currency transactions on your card.
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, so be sure to read your card fee/rate disclosure statement, which comes with your Cardholder Welcome Package, before you leave for your trip to see if you’ll incur unusually high charges. It’s most common for a credit card company to charge between one and 3 percent 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. Should you need to dispute a charge on your credit card first contact the merchant to see what recourse may be available. If that doesn’t work, contact your credit card company to see if they can assist you in disputing the charge.
Apply for a credit card with CIBC
Before your next trip, be sure you have a credit card that lets you make purchases in foreign currency. Browse the CIBC travel rewards cards to find one what works for you. Or, contact a customer care representative at 1-800-465-4653 to learn more.
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