What is the fee?
While everyone is aware of foreign exchange rates, virtually no one knows the banks double dip on you and charge you a foreign currency exchange fee as well. When you use your credit card and your bank converts one type of currency into another, it charges you a fee of anywhere from 2% to 4% on top of their other fees. This works out to $20-40 for every $1000 you spend. Think about that last trip you took – the flights, the accommodations, the tours, food, souvenirs – how much money did you spend? $5000? Well, that's $100-$200 the bank just made off of you.