We’ve heard an unconfirmed rumor that some people like to travel during the summer months, which is great; you need to get out more, enjoy life. But amid all that enjoying of life, don’t forget that you might not be able to access an in-network ATM for your bank account and could end up saddled with a bunch of no-fun fees. [More]
The Internet brings a global marketplace to us as we sit on the couch eating Pop-Tarts while wearing pajama pants. But a world of options brings a world of fees, thanks to our banks. Beth would expect her credit card issuer, Citibank, to assess foreign transaction fees if she were using her card abroad. Not if she were buying a domain name through Yahoo.
Banks are increasingly charging foreign transaction fees on domestic purchases, a dangerous practice that’s likely to expand as banks look for new ways to generate profit. Tripso tells us the story of Sunil, who bought tickets with Qatar airlines, which sounds ever so expensively foreign. Citi charged a 2% foreign transaction fee, even though the tickets were bought in U.S. dollars and processed by the airline’s central reservation system based in Washington D.C.