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Foreign currency transactions with your credit card
Planning a trip abroad? Use your credit card to safely and securely pay for your trip. Credit cards are great when you’re travelling because they’re accepted in many locations worldwide and can help you secure competitive currency exchange rates, providing both convenience and financial benefits during your trips. You may have to pay a transaction fee for using your card abroad or when you make foreign currency transactions. When making foreign currency transactions on your credit card, here are some things to consider.
How foreign currency conversion fees work
Transactions, including purchases and refunds or credits, made on your credit card in a foreign currency — one different than the currency of your credit card — will be subject to foreign currency conversion fees. These charges can vary across credit card companies and even cards from the same company. As a CIBC credit card account holder, you can read your CIBC Credit Card Summary of Annual Interest Rates and Fees disclosure statement, which was provided to you with your CIBC credit card welcome package, before you leave for your trip. This way, you’ll know what sort of charges apply. It’s common for a credit card company to charge a foreign currency conversion fee between 1% and 3% of the transaction amount, though some cards are considered no-foreign transaction fee cards and don’t charge a fee for currency conversion or foreign currency purchases.
Apply for a credit card with CIBC
CIBC travel rewards credit cards can help you elevate your next travel experience. Earn points on everyday purchases and redeem points for flights, hotels, car rentals, vacation packages and more. Before your next trip, check out our different CIBC travel rewards credit card options and apply online.