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Foreign Transaction Fees

Foreign Transaction Fees

WN Traveler's avatar User  WN Traveler  (Opens a pop up layer) New Member

There is no reason to continue to charge foreign transaction fees. American Express and Chase Visa will stop charging these fees on May 1, 2014. I think USAA should be a leader in credit card technology and take a page from their European and Asian competitors who issue credit and debit cards with the electronic chip card with pin signature, a more secure and more widely accepted form of payment. They also have zero foreign transaction fees. Do we need another Target or Michaels security breach to learn our lesson.

Re: Foreign Transaction Fees Charged By USAA

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WEBSITE GURU's avatar User  WEBSITE GURU  (Opens a pop up layer) Trusted Contributor

WN Traveler;

 

1. First of all, USAA does have EMV Chip and Pin Cards. More info about Chip and PIN Credit Cards offered by USAA can be found here.

 

2. As for USAA charging Foreign Transaction Fees.

 

  • You are correct! Currently USAA Credit Cards charge a Foreign Transaction Fee (once called currency conversion fee) of  1% of each transaction in U.S. dollars on all Foreign Transactions as shown here.
  • That said, there has been a recent surge by other banks to eliminate this Foreign Transaction Fee on some or all of their credit cards and also by adoption of credit cards using EMV technology, named for Europay, MasterCard and Visa as shown by a recent report found here. **External Link
  • I do not know if the EMV Chip and Pin Cards offered by USAA charge a Foreign Transaction Fee, my initial reaction is yes (as I couldn't find any info to the contrary) but I will e-mail USAA by clicking here and ask them for you.

I hope I have helped.

Re: Foreign Transaction Fees

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WEBSITE GURU's avatar User  WEBSITE GURU  (Opens a pop up layer) Trusted Contributor

Everyone;

 

I sent an e-mail to USAA about EMV Chip and PIN Credit MasterCards and asked question about Foreign Transaction Fees (as well as other information).

 

  • To see USAA's response click here.

Keeping Members Informed

Re: Foreign Transaction Fees

guroose's avatar User  guroose  (Opens a pop up layer) Regular Visitor

Got my chip n pin card a couple of weeks ago. Checking out at Walmart today and they have new readers that required I use my pin. Love it! Now for eliminating the transaction fees!

Re: Foreign Transaction Fees

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PUFF's avatar User  PUFF  (Opens a pop up layer) New Member

My daughter is overseas attending a university. I wanted to get her started with USAA correctly as she starts out.  I dIdn't realize the 1% fee everytime she charges something. Over 4 years of transactions, thats going to add up.   I'm considering switching her to Chase account with a Visa that has no overseas fees. Im surprised at USAA :(

Re: Foreign Transaction Fees Charged By USAA

Tree3378's avatar User  Tree3378  (Opens a pop up layer) New Member

I have the EMV chip MC and am being billed the fee on our current expenses in Singapore

Re: Foreign Transaction Fees

Tessa's avatar User  Tessa  (Opens a pop up layer) Occasional Visitor

I find that I now carry more credit cards as i travel to Canada a lot with work. The global card would be great, but the fees are too much. In so many ways USAA is one of the best banks to deal with, but if other credit cards can drop foriegn fees that why not USAA???  My only other issue with USAA has been interest on personal loans is way out of line, no even competative, which makes me think they just don't want the business.  

Re: Foreign Transaction Fees Charged By USAA

l1l2's avatar User  l1l2  (Opens a pop up layer) New Member

Since i am traveling to Europe concerned about transaction fees. Keep me posted as to what you learn. I will call USAA & ask about fees.  

Re: Foreign Transaction Fees

RNZLER's avatar User  RNZLER  (Opens a pop up layer) New Member

Do the foreign transaction fees apply to the USAA Debit Card or just the Credit Card? I currently bank with Navy Federal Credit Union as well and they have been charging me 1% of the amount I pull out of the ATM for foreign transaction fees (currrently stationed at Osan Air Base, South Korea). 

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