"Cypress Bay Solutions": How to Avoid Foreign Transaction Fees, A Publication For Business Professionals.
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How to Avoid Foreign Transaction Fees, In The Process Of Conducting Business
When traveling on business internationally, foreign transaction fees can tack on unnecessary costs that will limit how much you can spend on your business trip. Foreign transaction fees, which can range between 1% and 3%, are fees your business credit card issuer or bank charges when you purchase a service or item from a foreign country, in the of operating your business. While this only amounts to $1 to $3 per $100 transaction, they can add up rapidly throughout your travels on your business trips. However, there are ways to avoid these business expenses.
Find a business credit card with no foreign transaction fee
Your first option is to find a business credit card with no foreign transaction fees. As an example, all Capital One business credit cards are void of any foreign transaction fees, so they enable you to pay for products and services internationally without paying an extra fee.
If you are not sure whether your business credit card charges a foreign transaction fee, check your terms and conditions, as the data it will be listed there.
Before applying for a new business credit card, though, consider the effect it will have on your credit score. If you apply for too many business credit cards in too short of a period of time, your credit score can drop for a period of time until the inquiry has been removed from your report, and so it very important to remain in good standing.
Find a bank with no foreign transaction fee
Business credit card companies are not the only ones that charge foreign transaction fees. Banks may also charge fees if you utilize your business debit card overseas. Schwab Bank and Capital One 360 are a couple that offer business debit cards which are without foreign transaction fees.
Another thing to consider before utilizing your business debit card overseas is whether you will be charged an out-of-network ATM fee. If your bank charges a fee for utilizing another bank’s ATM, you may want to avoid utilizing ATMs at all. If you do have to utilize an ATM, try to take out as much money as you think you will need for the remainder of your business trip. Lots of small ATM visits may lead to multiple fees.
If possible, it is ideal to exchange currency before you leave the United States. This may assist you to stay on budget while you are traveling on business, which will assist to prevent you from overspending. Additionally, if you have enough foreign currency on-hand, you will not have to worry about paying business debit or credit card foreign transactions fees.
It is a good idea to shop around before converting currency. Your bank or credit union may convert your funds for free. If you try to convert cash at the airport or at a hotel, you may have to pay higher fees than you likely would at your bank.
See if your bank has a foreign partner
If you do not enjoy carrying around lots of cash; either due to comfort or because you worry about the money being stolen or lost; check to see if your bank has a foreign business partner where you can withdraw money from an ATM without paying a fee. For example, Bank of America clients can utilize Deutsche Bank in Germany and Spain, and Scotiabank in Canada, Mexico and Peru etcetera. Your bank may still charge a fee when you convert money to the local currency, in consideration of the currency exchange.
When shopping online
Remember you are charged a foreign business transaction fee whenever your business credit card is processed through a foreign bank. So you may be charged a foreign transaction fee when shopping online. There are a few ways to see whether you will be assessed this fee before completing a business transaction. Check the “About” section of a website to see where a company is located. Additionally, if the currency is listed in U.S. dollars, you will probably not be charged, based upon the structure of the currency exchange.
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Presently it is said strategic plans are to expand in even more countries in 2018. These benefits are iron-clad for the length of your service. I’ll be happy to answer your questions or you can get started today by contacting us ([email protected]). Alternatively, call me at (706)-290-4869 and I can get your service started immediately. www.cypressbaysolutions.com Free Assessment. By appointment only.