Traveling abroad can be expensive. Flights, taxis, lodging, and entertainment can all add up. In addition, travelers are often saddled with hefty conversion and transaction fees for using American-based credit cards in foreign countries. While most companies charge fees for foreign transactions, there are some companies whose charges are less restrictive and punitive.
HSBC
HSBC is a British-based bank, originally purchased from a Chinese corporation. HSBC stands for Hong Kong Shanghai Banking Corporation. HSBC provides a range of card options for business and personal customers. However, all HSBC cards charge the following for overseas transactions: a one percent conversion fee for transactions (purchases and cash advances) and up to a $1.50 ATM transaction fee for each withdrawal. For example, if you decided to pull out 400 Euros in Spain, you would be charged a $4 conversion fee and possibly a $1.50 ATM fee. This is one of the lowest surcharges available.
Bank of America
Bank of America is one of the largest banking institutions in the United States. Similar to HSBC, Bank of America has a wide range of credit cards for businesses and individuals. When traveling abroad, though, all of these cards offer the following charges: a one percent conversion fee for all transactions and a $5 ATM fee. Since the ATM fee is higher, customers are encouraged to make large advances using a credit card, when cash is needed. In addition, these fees might be waived if the bank at which you conduct business abroad is part of the Global Alliance Banking group. Contact Bank of America to determine if the bank is a member of this group.
CitiGroup
CitiGroup is another large banking conglomerate in the United States. The Citi brand is globally relevant and its products run from credit cards, to auto loans, to mortgages, to business loans. There are a number of Citi Cards from which to choose. When traveling abroad, Citi charges the following overseas fees: a one percent conversion fee for all transactions and a $1.50 ATM fee. However, if you use your credit card at a Citi location overseas, all fees will be waived.
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