Wells Fargo foreign transaction fees, this is one of those problems we always have to deal with whenever we travel abroad, as wells Fargo banking customers.
It’s difficult partly because there are so many options, from getting holiday money or a specialist travel money card, to simply using your regular credit or debit card.
Wells Fargo is one of the world’s largest banks, so it’s no surprise that it’s possible to use their cards abroad.
But, as with other cards, there are usually charges involved, wells Fargo foreign transaction fees are part of those charges.
This article will give you more information on how to use Wells Fargo credit and debit cards abroad, as well as wells Fargo foreign transaction fees for Debit and credit cards.
Keep reading this article to find out if using your Wells Fargo card abroad is the right answer for you, given the wells Fargo foreign transaction fees involved.
Wells Fargo Debit Card Foreign Transaction Fees
Let’s start with a debit card, when you use your wells Fargo debit card in a foreign country are there wells Fargo foreign transaction fees involved.
If you want to use a Wells Fargo debit card abroad, you’ll probably find yourself having to pay the wells Fargo foreign transaction fees you’ll find below. ATM fees will be dealt with separately below.
Your particular account might have a different breakdown of fees charged. If you think that might apply to you, check with Wells Fargo.
|Wells Fargo debit card transaction||Fee|
|Withdraw cash at non-Wells Fargo ATM||$2.50 plus fees may be charged by the ATM owner/operator|
|“International Purchase Transaction Fee”, purchase in a foreign currency||3% of the amount|
Currency conversion rates
Aside from wells Fargo’s foreign transaction fees let’s have a look at what currency conversion rates looks like.
You might be wondering why it’s so difficult to get a good deal when spending money abroad and the answer is very simple to exchange rates.
The currency markets are constantly changing during the day, but exchange rates also change depending on where you look.
Some providers set their exchange rates, and they generally do this by looking at the mid-market rate, an average of all the buy and sell rates, and then marking it up.
They set their exchange rate above the mid-market rate so that they don’t have to pay as much.
That’s why it always pays to look out for decent exchange rates, the rate can end up costing you a lot.
It’s also why using credit and debit cards abroad is often quite good value.
The exchange rate you get when you use these cards is generally set by the card companies; Visa, Mastercard, or American Express.
And the rates they set tend to be competitive. Not as competitive as the mid-market rate, but still good value.
If you want access to the mid-market rate when you get foreign currency, Wise’s borderless account might be for you.
It lets you hold money in multiple international currencies and you can convert between them at the mid-market rate.
You can also get a Wise debit Mastercard, which you can use your USD balance to pay directly for goods and services.
Which Wells Fargo Credit Cards Have Foreign Transaction Fees?
Of the 7 credit cards Wells Fargo offers, 6 have a Foreign Currency Conversion Fee of 3%.
The exception is the Propel American Express card, which doesn’t charge at all for foreign currency conversion.² Something to consider for frequent travelers.
A Closer Look at Wells Fargo International ATM Fees
ATM fees are hard to be precise about because it’s not just Wells Fargo that might charge you, the ATM operator could end up charging fees as well.
Yes wells Fargo may charge you the wells Fargo foreign transaction fees, but the ATM operator will also charge you service fees.
So the below fees are the ones that will likely come from Wells Fargo when you use an ATM card unless they’re different for your particular account but there’s always the chance there’ll be other, non-Wells Fargo fees too.
|Cash withdrawal from an international non-Wells Fargo ATM||$5 plus fees may be charged by the ATM owner/operator|
|Balance inquiry from an international non-Wells Fargo ATM||$2 plus fees may be charged by the ATM owner/operator|
|Transfer funds between your Wells Fargo checking account and savings account service only available at select ATMs internationally||$2|
Dynamic Currency Conversion (DCC)
It’s generally true that you can get a decent exchange rate by using your credit or debit card in a foreign ATM, you can get charged decent wells Fargo foreign transaction fees.
But there’s quite a big exception. The foreign ATM might ask you which currency it should charge you in, the local currency, or US dollars.
If it asks you this, you should always choose the local currency. If you choose US dollars, the exchange rate won’t be set by the card network, but rather by the ATM provider or bank.
And it won’t be a good rate at all.
This scheme is known as dynamic currency conversion, or DCC for short, and it’s something best avoided. At ATMs, the best exchange rate is always the local one.
Tips and Tricks For Using ATMs and Paying By Card Abroad
- Whatever your travel plans, there are always a few tips to remember to get a decent deal.
- Tell your bank before you go; Make sure you notify Wells Fargo, or whoever your card issuer is, before your trip.
- This is so that they’re not surprised to see a load of foreign transactions on your card. If you don’t, they might assume your card’s been stolen or you’re the victim of fraud.
- Prepare for the worst; As well as sending Wells Fargo a message, make some extra backup plans.
- Take a second card if you have one (and store it separately), and make sure you know how to get in touch with Wells Fargo while you’re abroad.
- Shorten yo1ur PIN; A 4-digit PIN is a safer bet when traveling abroad. If yours is 6 digits, consider shortening it.
- Avoid exchanging currency at the airport; You’re very unlikely to get a decent exchange rate at the airport.
- So try and sort some cash out before you go, or wait until you’re at your destination.
- Be on the lookout for extra fees; The fees mentioned above are charged by Wells Fargo. But they might not be the end of the story.
- Some foreign ATMs charge you when you get cash out, so you could end up having to pay then too.
- Try and find somewhere you get a decent deal, and if you find out an ATM is charging you halfway through a withdrawal, don’t be afraid to cancel it and hunt down another ATM.
- Compare and contrast, cash or card; With a Wells Fargo debit card, the key fee to bear in mind is $5 for an ATM withdrawal or 3% for payments directly with the card.
- Think about which of these will work out better for you across the whole of your trip.
- $5 might seem quite high, but if you withdraw a high amount, it could be a better value than the percentage cut on every single transaction.
- You might have to pay like a local; Not everywhere in the world has the same culture when it comes to making payments.
- While card payments are very common in most of Europe, for example, in Germany they’re less common, and not every place accepts debit card payments.
- So it’s always useful to carry cash, therefore, you should find out what the customs are where you’re going, and bear that in mind when deciding how much cash to withdraw.
- Not sure what something’s worth? Use an online currency converter; If you find yourself unsure how many dollars something’s worth, check out an online currency converter.
- That’ll show you the current mid-market rate.
- Good luck during your trip, and make sure you know how to make your Wells Fargo card work for you.
It pays to know the details on how to send money abroad so that when you do travel, you can concentrate on the thing that matters: enjoying yourself in a new place.
Tips to help manage your money while traveling abroad
Before your trip; Add your travel plans to Wells Fargo Online to help prevent international transactions from being declined as suspicious Footnote 11.
Make a list of important international phone numbers for reporting lost or stolen cards.
- Talk to your bank before you leave about how to send a wire when you’re abroad. Some banks require you to enroll in wire transfer services before travel.
- Make sure you have wifi or cellular service overseas if you plan to access your accounts while traveling.
- As digital technology differs by country, consider taking physical credit and ATM cards with you if you typically use a digital wallet.
- Ask your card companies about foreign transaction fees like wells Fargo foreign transaction fees which we already listed in this article.
- You’ll also note the Fees for withdrawals at an international ATM, your card’s compatibility with international ATMs, and your daily card limits to make sure they’ll fit your needs.
- During your trip; Consider taking copies of key documents with you. This can sometimes help speed up the replacement process if needed.
- Be sure to keep copies separate from the originals.
- For help with your account, use the wells Fargo international access codes to call toll-free from outside the U.S.
- You can also reach contact wells Fargo through the Wells Fargo Mobile app
Please note: Outside the U.S., Wells Fargo does not have offices that provide service to personal or small business customers.
- After your trip; Contact your bank about buying back any unused foreign currency cash. Wells Fargo can often buy back unused foreign currency cash at any of our branch locations.
- We do not buy back all currencies, and buy-back rates differ from rates for ordering cash. Please note: We do not buy back coins.
In conclusion, if you bank with Wells Fargo it is important to note the Wells Fargo foreign transaction fees, should you be taking a trip outside the U.S and still making use of your bank, this is to help you better plan your trip.