Bank of America charges foreign transaction fees on most accounts and cards

Bank of America adds a foreign transaction fee of 3% to most debit card and credit card purchases made outside the United States. This fee applies whether you're using an ATM, making a purchase at a store, or buying something online from a merchant based abroad. The 3% is calculated on the U.S. dollar amount of the transaction and is added to your statement after the purchase posts.

Some Bank of America accounts and cards do not charge this fee, but they are limited. The bank's Visa Infinite cards and certain premium accounts waive foreign transaction fees entirely. Most everyday checking and savings accounts, along with standard credit cards, do charge the fee.

The fee applies in addition to any currency conversion markup the card network (Visa or Mastercard) applies. When you use your card abroad, the merchant's bank converts the local currency to U.S. dollars, and Visa or Mastercard adds their own conversion spread — typically 1% to 2% — before Bank of America's 3% fee is applied on top.

Key Takeaways

  • Bank of America's standard foreign transaction fee is 3% of the purchase amount in U.S. dollars, charged on debit and credit card transactions outside the United States.
  • Visa Infinite cards and certain premium Bank of America accounts waive the 3% foreign transaction fee, though these accounts have higher annual fees or spending requirements.
  • The 3% fee is separate from currency conversion markups applied by Visa or Mastercard, so your total cost abroad includes both fees.
  • ATM withdrawals abroad also trigger the 3% foreign transaction fee, plus a separate out-of-network ATM fee if the ATM is not part of Bank of America's network.

Which Bank of America cards and accounts waive foreign transaction fees

Bank of America's Visa Infinite cards do not charge foreign transaction fees. These are premium cards that require higher credit scores and typically carry annual fees ranging from $95 to $450 depending on the specific card. Bank of America offers several Visa Infinite products, including premium travel rewards cards and premium cash-back cards.

Some Bank of America premium checking accounts marketed to high-net-worth customers may also waive foreign transaction fees as part of their account benefits, though this varies by account tier and the specific terms of your account agreement. You can confirm whether your specific account waives the fee by calling Bank of America at the number on the back of your card or logging into your online account.

Standard Bank of America checking accounts, savings accounts, and most credit cards — including the Bank of America Cash Rewards card and the Bank of America Travel Rewards card — all charge the 3% foreign transaction fee. The fee applies regardless of whether you initiated the transaction or a merchant charged your card.

How the 3% fee is calculated and when it appears on your statement

Bank of America calculates the 3% foreign transaction fee on the U.S. dollar amount after the currency conversion is complete. If you spend 100 euros and the conversion rate results in $108 USD, the 3% fee is calculated on $108, adding $3.24 to your total charge. The fee appears as a separate line item on your statement, labeled as a foreign transaction fee or international transaction fee.

The fee posts to your account after the transaction settles, which typically takes one to three business days. During that time, the transaction may appear as pending without the fee visible; the fee is added when the transaction officially posts. If you dispute a transaction, the foreign transaction fee is usually reversed along with the original charge.

For recurring charges from foreign merchants — such as a subscription to a service based outside the U.S. — the 3% fee applies to each charge. There is no monthly cap or limit on how many times the fee can be charged.

ATM withdrawals abroad and additional fees

When you withdraw cash from an ATM outside the United States, Bank of America charges both the 3% foreign transaction fee and a separate out-of-network ATM fee. The out-of-network ATM fee is typically $3 per withdrawal, though this amount can vary. Both fees are charged even if the ATM is operated by a bank that has a partnership with Bank of America.

Bank of America does not maintain a network of ATMs outside the United States, so nearly all foreign ATM withdrawals will incur the out-of-network fee. The foreign transaction fee is applied to the U.S. dollar equivalent of the cash you withdrew, and the out-of-network fee is a flat charge added separately.

If you plan to withdraw cash frequently while traveling, these combined fees can add up quickly. A $200 withdrawal might cost $9 in fees alone (3% foreign transaction fee of $6 plus a $3 out-of-network ATM fee). Some travelers find it cheaper to withdraw larger amounts less frequently, though this depends on your comfort carrying cash and the exchange rates available.

Alternatives to paying Bank of America foreign transaction fees

If you travel internationally often or plan an extended trip abroad, you may want to compare Bank of America's fees to other options. Many online banks and credit unions offer checking accounts or credit cards with no foreign transaction fees. Some credit card issuers outside of Bank of America also waive foreign transaction fees on their premium cards or travel-focused cards.

Another option is to open a second checking account at a bank that does not charge foreign transaction fees and use that account while traveling. You can keep your Bank of America account for domestic use and avoid the fees entirely on foreign transactions. This approach requires planning ahead, since opening a new account takes a few days.

Some travelers also use prepaid travel cards or currency exchange services, though these often have their own fees and exchange rate markups. Comparing the total cost of each method — including all fees and exchange rates — is the best way to determine which option saves you the most money on your specific trip.

Online purchases from foreign merchants

When you buy something online from a merchant based outside the United States, Bank of America charges the 3% foreign transaction fee even if the website displays prices in U.S. dollars. The fee applies to any transaction where the merchant's bank is located outside the U.S., regardless of the currency shown at checkout.

Some online retailers allow you to choose whether to pay in U.S. dollars or the local currency. Choosing U.S. dollars does not avoid the foreign transaction fee — the fee applies either way. The merchant's bank will convert the currency if needed, and Bank of America will add the 3% fee to the final U.S. dollar amount.

If you shop frequently from foreign websites, the fees can accumulate over time. Tracking which merchants are based abroad can help you understand why certain online purchases show a foreign transaction fee on your statement.

Frequently Asked Questions

Does Bank of America charge foreign transaction fees on debit cards?

Yes, Bank of America charges the same 3% foreign transaction fee on debit card purchases and ATM withdrawals made outside the United States. The fee applies to all debit transactions, including purchases at stores and online merchants based abroad. Visa Infinite debit cards may waive this fee, but standard Bank of America debit cards do not.

Can I get the foreign transaction fee refunded if I dispute the charge?

If you dispute the original transaction and it is reversed, the foreign transaction fee is typically reversed as well. However, if you dispute only the fee itself without disputing the underlying purchase, the outcome depends on the specific circumstances. Contact Bank of America to discuss your situation.

What is the difference between Bank of America's foreign transaction fee and the currency conversion markup?

Bank of America's 3% fee is separate from the currency conversion markup applied by Visa or Mastercard. The conversion markup (usually 1% to 2%) is how the card network converts local currency to U.S. dollars. Bank of America then adds its 3% fee on top of the converted amount. Both fees explore to your transaction.

Do I pay the foreign transaction fee if a foreign merchant charges my U.S. Bank of America card?

Yes, the 3% foreign transaction fee applies whenever a merchant based outside the United States charges your Bank of America card, regardless of whether you initiated the transaction or authorized a recurring charge. The fee is based on the location of the merchant's bank, not where you are physically located.