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Journal Chpt 5 - Some merchants that are rather...

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Eric Hammer Professor Reaves Thursday, September 30, 2010 How Foreign Transaction Fees Cost You (Forbes) Although swiping a credit card in a different country might be more convenient than stopping at the exchanges offices, your bank is likely to tack on an international processing fee of 2-3% every time you use your card. The credit card companies generally add a 1% service fee for converting the money into the appropriate foreign currency, and then your bank will add another 1-2% for the actual transaction. When a foreign merchant asks you if you’d like to be charged with the local currency or directly in U.S. dollars, the smart choice is to choose the foreign currency.
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Unformatted text preview: Some merchants that are rather unscrupulous and devious try to get away with charging you with whatever type of currency they choose, which is why it is important to remember to say you would like to pay with local money. It is also important to keep an eye out for international fees in the United States as well. If you’re dealing with international companies, U.S. banks charge fees on purchases made here, in U.S. dollars. Because it is so difficult to decipher when your bank might charge you such a fee, it is recommended that you avoid the hassle entirely by seeking out a credit union with lower fees....
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