Wells Fargo international transaction fees are one of those issues that we, as Wells Fargo banking clients, are always confronted with when we travel overseas.
It’s complicated in part because there are so many possibilities, from purchasing vacation money or a specialized travel money card to using your ordinary credit or debit card.
Given that Wells Fargo is one of the world’s top banks, it’s unsurprising that their cards may be used internationally.
However, like with other credit cards, there are normally costs associated with them, and Wells Fargo international transaction fees are included in those prices.
This article will discuss how to use Wells Fargo credit and debit cards overseas, as well as the international transaction fees associated with Wells Fargo debit and credit cards.
Continue reading this article to see if using your Wells Fargo card overseas is the best option for you, taking into account the Wells Fargo international transaction fees.
Foreign Transaction Fees for Wells Fargo Debit Cards
To begin, when you use your Wells Fargo debit card in a foreign nation, are there any Wells Fargo foreign transaction fees associated with the transaction?
If you wish to use your Wells Fargo debit card overseas, you will almost certainly be charged the Wells Fargo international transaction fees shown below. ATM fees will be discussed in further detail below.
Your specific account may have a different cost structure. If you believe this may apply to you, contact Wells Fargo.
Transaction fee for Wells Fargo debit cards
Withdraw cash from a non-Wells Fargo ATM for $2.50 plus any additional fees imposed by the ATM owner/operator.
“International Purchase Transaction Fee,” 3% of the amount purchased in a foreign currency.
Rates of currency conversion
Apart from Wells Fargo’s overseas transaction costs, let us examine currency conversion rates.
You may be wondering why it’s so tough to obtain a decent price while traveling overseas; the reason is rather simple: currency conversion rates.
While currency markets fluctuate throughout the day, exchange rates can fluctuate based on where you check.
Certain providers determine their exchange rates by looking at the mid-market rate, which is an average of all buy and sell rates, and then marking it up.
They fixed their exchange rate higher than the mid-market rate in order to avoid paying as much.
That is why it is always prudent to monitor currency rates; a poor rate might wind up costing you a lot.
This is also why using credit or debit cards overseas is frequently extremely cost effective.
When you use one of these cards, the exchange rate is normally established by the card company; Visa, Mastercard, or American Express.
And the rates they charge are frequently competitive. Although not as competitive as the mid-market rate, this is still an excellent deal.
If you wish to receive foreign money at the mid-market rate, Wise’s borderless account may be for you.
It enables you to keep funds in various foreign currencies and convert them at the mid-market rate.
Additionally, you may obtain a Wise debit Mastercard, which allows you to utilize your USD balance to pay for products and services directly.
Which Wells Fargo credit cards charge fees for foreign transactions?
Six of Wells Fargo’s seven credit cards have a 3% Foreign Currency Conversion Fee.
The Propel American Express card is an exception, since it does not charge for currency conversion at all.
2 Consider this if you are a regular traveler.
Examining Wells Fargo’s International ATM Fees in further detail
ATM fees are difficult to quantify precisely because they may be assessed by both Wells Fargo and the ATM operator.
While Wells Fargo may charge you for overseas transactions, the ATM operator may also charge you for service.
Thus, the costs listed below are the ones that are likely to be charged by Wells Fargo when you use an ATM card, unless they are different for your specific account, but there is always a risk that other, non-Wells Fargo fees will apply.
ATM service charge
Cash withdrawals from non-Wells Fargo overseas ATMs are $5 plus any applicable fees levied by the ATM owner/operator.
Balance inquiries from non-Wells Fargo overseas ATMs may be charged $2 plus applicable fees by the ATM owner/operator.
Transfer cash between your Wells Fargo bank and savings accounts $2
Currency Conversion on the Fly (DCC)
While it is true that you can obtain a favorable exchange rate when using your credit or debit card at a foreign ATM, you can also incur favorable Wells Fargo international transaction costs.
However, there is a significant exception. The international ATM may inquire about the currency in which you wish to be charged: the local currency or US dollars.
If prompted, always select the local currency. If you pick US dollars, the conversion rate is established by the ATM operator or bank, not the card network.
And it will not be a favorable rate.
This is referred to as dynamic currency conversion, or DCC for short, and it is something that should be avoided at all costs. The best exchange rate at ATMs is always the local rate.
Using ATMs and Paying With a Card Abroad: Tips & Tricks
• Regardless of your travel intentions, there are always a few pointers to keep in mind in order to obtain a good rate.
• Notify your bank in advance; Notify Wells Fargo, or whoever your card issuer is, in advance of your vacation.
• This is so they are not taken aback when they discover a slew of overseas transactions on your card. If you do not, they may conclude that your card has been stolen or that you have been a victim of fraud.
• Plan for the worst-case scenario; in addition to sending a message to Wells Fargo, establish some additional backup plans.
• Bring a second card if you have one (and store it separately), and ensure you know how to contact Wells Fargo while traveling.
• Reduce the length of your PIN; a four-digit PIN is a better choice when traveling internationally. Consider shortening yours if it is six digits.
• Avoid exchanging currency at the airport; it’s quite unlikely that you’ll receive a good exchange rate there.
• Therefore, either arrange for cash ahead of time or wait till you get at your location.
• Keep an eye out for additional costs; Wells Fargo charges the fees indicated above. However, they are not the conclusion of the narrative.
• Some international ATMs charge for cash withdrawals, so you may wind up paying there as well.
• Look for a good bargain, and if you discover an ATM charging you midway through a withdrawal, don’t be afraid to cancel it and seek out another.
• Contrast cash and card transactions; with a Wells Fargo debit card, the primary cost to consider is $5 for ATM withdrawals and 3% for payments made directly with the card.
• Consider which of these options will work best for you during the course of your vacation.
• While $5 may seem excessive, if you withdraw a large sum, it may be a better value than the 10% cut on each transaction.
• You may be required to pay in the local currency; not every country has the same payment culture.
• While card payments are widespread throughout much of Europe, for example, they are less prevalent in Germany, and not every establishment takes debit card purchases.
• Because it’s usually prudent to carry cash, you should research the local customs before selecting how much cash to withdraw.
• Uncertain about the value of something? Utilize a currency converter online; If you’re wondering how much anything is worth in dollars, consult an online currency converter.
• This will display the current mid-market interest rate.
• Best wishes on your vacation, and be sure you understand how to make the most of your Wells Fargo card.
It pays to be familiar with the nuances of international money transfers so that when you travel, you can focus on what matters most: having fun in a new location.
Suggestions to assist you in managing your money when traveling abroad
Prior to your journey, notify Wells Fargo Online of your travel intentions to help avoid foreign transactions being denied as suspicious. Note 11.
Make a list of critical overseas phone numbers for reporting stolen or lost cards.
• Contact your bank prior to departure to determine how to transfer a wire when traveling overseas. Before traveling, several banks need you to enroll in wire transfer services.
• Confirm that you have access to wifi or cellphone coverage while traveling if you intend to access your accounts.
• Due to the fact that digital technology varies per nation, consider bringing traditional credit and ATM cards with you if you are accustomed to using a digital wallet.
• Inquire with your credit card providers regarding international transaction fees, such as those charged by Wells Fargo, which we previously mentioned in this post.
• You’ll also want to take notice of the fees associated with overseas ATM withdrawals, the compatibility of your card with international ATMs, and your daily card limitations to ensure they meet your needs.
• While on your journey, consider bringing duplicates of critical papers with you. This can occasionally assist expedite the replacement procedure if necessary.
• Ensure that duplicates are stored separately from the originals.
• To obtain assistance with your account, dial the Wells Fargo international access codes toll-free from outside the United States.
• Additionally, you can contact Wells Fargo via the Wells Fargo Mobile app.
Please note that Wells Fargo does not operate offices outside the United States that serve personal or small business customers.
• Following your vacation, contact your bank to arrange for the return of any unused foreign currency funds. Frequently, Wells Fargo will purchase unused foreign currency cash at any of our branch locations.
• We do not purchase back all currencies, and our buy-back prices are not identical to our cash-ordering rates. Please keep in mind that we do not purchase coins.