If you're not careful, you may get hit with a broad array of old and new fees
from currency conversion fees to rewards - based fees.
Not exact matches
While there are no set - up or monthly
fees, you will have
fees like an extra 1 percent added on to each transaction
from outside of the U.S., 2 - 5 percent charge above daily bank rate on
currency conversion and a $ 20 charge back
fee.
If you frequently travel abroad or purchase items
from foreign retailers, you'll be happy to learn there are now credit cards that don't charge you the pesky
currency conversion fee.
Discount brokerages that do not offer clients the option to have US dollar accounts will usually charge
currency conversion fees on transactions that take place in US dollars (for example if a client buys shares of a company
from a US listed exchange).
Apart
from the withdrawal
fee, an additional cost to traders will be the
currency conversion fee.
from above: «Unlike some of their discount brokerage peers, CIBC Investor's Edge does not have US dollar registered accounts so clients will have to factor in
currency conversion fees into their costs if they plan on trading US - listed securities.»
Foreign
currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express,
from Australian dollars to a foreign
currency.
Usually, you can «wire» transfer money
from your BoA account to the account back home, but that is usually comes at a
fee of about $ 30 - $ 50 per transfer (in the US, additional
fees may be charged at the receiving end +
currency conversion costs).
It is my understanding that there would be something like a flat
fee of about 20 $ on both ends + I would lose about 4 - 5 %
from ridiculous bank
currency conversion rates.
These accounts would allow investors holding US - dollar assets in their RRSP accounts to avoid
currency conversion fees when buying and selling (for brokers that don't allow «wash trading») and to keep the dividend received
from US - listed holdings in US dollars.
In addition to the exchange rate, PayPal also charges a 2.5 %
currency conversion fee to exchange funds
from one
currency to another.
Along with commission or other
fees that apply, we'll earn spread revenue of up to 1.5 %
from a foreign
currency conversion.
Travel benefits include rental car insurance (so there is no need to buy additional coverage
from the rental car company), trip - cancellation insurance, waived
currency conversion fees and baggage insurance.
Finally, online businesses that serve globally benefit
from a virtual
currency that is not subject to cross-border
conversion fee.