Capital One foreign transaction fee (2024 guide)

Capital One®¹ doesn’t charge foreign transaction fees on its credit cards², or on spending with your Capital One 360 debit card³. However, when you’re abroad, you may still end up paying more than you’d expect thanks to the way banks work out what exchange rates to offer you.

In this article, we’ll tell you what you need to know about using a Capital One card overseas, plus we introduce the Wise account which supports 40+ currencies for holding and exchange, making it easier than ever to avoid foreign transaction fees when you send, spend or exchange.

Capital One debit and credit card fees — what do you need to know?

Capital One has a wide range of credit cards, and you can also get a debit card linked to your 360 Online Checking account. Some cards are only available if your credit status is excellent, while others may charge you an annual fee or require an initial deposit.

Others may add a fee for transfers for a period after you sign up for the card, or charge a different Annual Percentage Rate (APR) of interest depending on your status. Eligibility criteria vary, so check those for the card you’re interested in carefully.

Also keep in mind that if you’re looking to withdraw cash, credit cards carry a cash advance fee, which is usually either $5 or 5% with Capital One credit cards, and can also have a higher interest percentage when you get cash. You can read more about withdrawing cash in the ATM fees section.

To give a bit of a feel for the credit card options available from Capital One, here’s an overview of some of their most popular cards. Compare the full range of 30+ cards, online on the Capital One website⁴.

Card name	Annual fee	Other aspects to consider
Platinum MasterCard®	None	Fair credit required
Venture Rewards	95 USD	Excellent credit needed - earn rewards as you spend
Savor Rewards	95 USD	Different card options available, including for various credit scores and for students
Spark 1.5% Cash Select - Excellent Credit	None	Different cards offered based on credit score, with different cash back opportunities
Spark 2x Miles	None in year 1, then 95 USD	Earn air miles when you spend
Venture X Rewards	395 USD	Earn higher rewards for spending, excellent credit score required
Quicksilver Rewards	None	Different cards offered based on credit score

Note: details correct at the time of writing - 04.12.2024

Currency conversion with your bank — what about the rates?

You might think that you’ll always get the same rate when buying things abroad. That’s not how it is. You can easily only discover this once your bill or statement comes in, but keeping up with a few things can take away this stress.

It’ll help you to know about the mid-market rate. It’s key to getting the best deal. If you search for exchange rates online, the figure you’ll see is usually the mid-market rate. Banks use this value when trading currency with each other. When you use a foreign ATM or buy something while traveling, though, you may find the conversion is done with an exchange rate which includes a markup - a fee.

You may find it worth looking into another alternative, the Wise account – which has the option of a multi-currency debit card – lets you convert to foreign currencies and then use your money without foreign exchange markup.

Use Wise to spend and withdraw all over the world, and to send money to dozens of countries and in dozens of currencies with a single account. All Wise currency exchange uses the mid-market rate with clear, low fees to pay*. Spend in 150+ countries, send money to 160+ countries, and hold 40+ currencies, all with Wise.

International money at the tip of your fingers: get the Wise card

Get fee free international ATM withdrawals, up to 100 USD/month, with the Wise card. Keep in mind that ATM operators may charge their own fees.

Open a Wise Account online or in the Wise app, to hold and exchange 40+ currencies, with the mid-market rate and low fees*.

Get cash conveniently around the world, with some fee free withdrawals every month, and low fees of 1.5 USD + 2% after that*. That can work out cheaper than using your bank card for overseas withdrawals.

Check out these other handy Wise personal account features:

Hold and manage money in 40+ currencies from your phone Send and receive money internationally to 80+ countries with low fees Opt in to receive annual percentage yield (APY) on your USD balance with Wise’s interest feature (subject to change, certain limitations apply — see Program Agreement for more information) Spend in 150+ countries with the Wise card, with transparent and competitive fees Conveniently get instant updates and track transactions on the go with the Wise mobile app Robust security measures and encryption to protect your funds and personal information.

Get a Wise Account
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Capital One international ATM fees — a closer look

If you’re going to take a Capital One card when you go abroad, you’ll want to know about some of the possible fees.

ATM usage fees abroad

Capital One itself doesn’t charge a fee for getting cash from other networks, but the ATM operator may do. This fee can vary pretty widely depending on where you are and which ATM type you pick, but you’ll usually be notified on the screen before you confirm your withdrawal.

Foreign transaction fees

Capital One doesn’t charge foreign transaction fees, so this is one charge you won’t need to worry about with an account or card from this bank. You can see some other charges you may face with some popular Capital One cards above - checking terms and conditions will likely help, too.

Using credit cards in foreign ATMs

It’s usually going to cost you more to use a credit card to withdraw cash, instead of a debit card linked to your checking account. This is because credit cards have a fee called a cash advance fee.

There’s information on the bank’s site including those all-important numbers, but Capital One credit cards will usually charge you either a flat $5 or 5% of the amount of cash you get.

Dynamic currency conversion (DCC)

Let’s talk about dynamic currency conversion — or DCC, as it’s usually known. If you’ve ever been asked when getting cash at a foreign ATM, or by a merchant abroad, whether you want to pay in your own currency instead of in the local one, then that’s DCC in action.

DCC sounds great on the face of it, giving you a way to know straight away what the value of the stuff you’re buying is. You’ll be able to work in dollars the whole time and keep track of your spending more easily. That’s an attractive proposition – but what you may not know is that using DCC can hit you in the pocket pretty badly.

The problem is the exchange rate. The merchant or ATM company chooses this, and in many cases they’ll give you a poorer rate.

The takeaway here is simple: choose to pay in local currency to get the best exchange rate

Tips and tricks for using ATMs and paying by card abroad

It’s convenient, quick, and simple to use your card to pay while you’re traveling abroad. The catch is that if you’re not careful, you can end up paying more than you need, thanks to things like DCC.

The good news is that there are ways you can avoid a lot of these fees and get a good deal on your transactions.

Here are a few hints and tips.

MasterCard and Visa® are the best names to have on your card, as they have easily the widest acceptance. You’ll find that American Express or other networks aren’t always accepted - this depends on where in the world you’re headed. There are online checkers which can let you know before you go whether the card you have will fit your needs. Make sure you have the right kind of PIN. European ATMs will often only accept four-digit codes, so ask for one from your bank before setting off — and memorize it well. Tell your bank in advance where you’re going and when. The last thing you want is for a transaction to get flagged or your card blocked. It’s also important that your bank has your right cell number, as if they need to get in touch while you’re away that’s likely how they’ll do it. Take a backup card from a different ATM network, in case the first one isn’t widely accepted or there’s a problem with a machine. Take care not to muddle up the PINs from the two cards. Get to know the fees and charges your bank makes for foreign transactions. If there’s a per-transaction ATM fee, then it’ll be cheaper to take out a few large chunks of cash than many smaller ones. Get a Wise debit card to get some free* ATM withdrawals every month and currency exchange which uses the mid-market rate.

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Capital One’s credit and debit cards can be convenient and straightforward while you’re out of the US. There are no foreign transaction fees, either. You’ll get the best deal if you take a little time to compare cards and think about which one suits you best.

You may also want to consider alternatives, such as the Wise account which lets you work in over 40 currencies and uses the mid-market rate whenever you send or spend in a foreign currency.

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Sources:

1. Capital One
2. Capital One foreign transaction fee explainer
3. Capital One 360 disclosures
4. Capital One credit cards

Sources checked on 05.09.2024