Webster Bank international wire transfer: Fees, limits, and rates
Read on for everything you need to know about sending and receiving international wire transfers with Webster Bank.
PayPal® offers handy credit and credit card solutions for US customers looking to spread the costs of purchase over a few months. But how does it work for international purchases?
This guide covers all you need to know about PayPal MasterCard®¹ international purchase fees - plus we’ve got some international spending tips looking at how to cut the cost of transacting abroad with alternative non-bank services like Wise.
A foreign transaction fee is a charge - usually an extra percentage - that you’ll pay when you use your card to transact in a foreign currency.
That can be when you’re on a vacation and you spend with a merchant, or make a cash withdrawal - or it can be when you’re shopping online with a retailer based overseas.
That means you may end up paying a foreign transaction fee even when you use your card at home.
So, what’s the PayPal MasterCard foreign transaction fee applied for foreign currency transactions when you’re abroad, or shopping online with international retailers? We’ve got the full guide coming up next.
Read all about foreign transaction fees in our guide |
---|
Yes. PayPal’s MasterCard has a foreign transaction fee that’s applied when you spend in a foreign currency².
When you do, the cost of your purchase will be converted back to USD using the MasterCard exchange rate plus the foreign transaction fee. This final amount is what you’ll see on your MasterCard bill at the end of the month.
The foreign transaction fee for PayPal MasterCard is 3%. That means that every time you buy something in a foreign currency, you’ll pay an additional 3% in fees compared to when you spend in USD.
You can’t use a PayPal MasterCard to spend in a foreign currency without also paying the foreign transaction fee. You may find you’re asked when you’re overseas whether you’d prefer to pay in USD or the local currency wherever you are.
Even if you choose to pay in USD you’ll pay the MasterCard foreign transaction fee - and you’ll probably get a worse rate of exchange, too.
If you’re asked whether you’d prefer to pay in USD while you’re abroad, it’s usually cheapest to say no.
Foreign transaction fees mean that you’re paying 3% more for anything being billed in a foreign currency - or anything you buy while you’re overseas, even if you elect to pay in USD abroad. That can mean your final credit card bill is higher than you’d expected.
Yes. Foreign transaction fees also apply to online purchases where you’re spending in a foreign currency, or where the retailer is based abroad.
Here are a few tips that might help you do more with your money when shopping and spending in a foreign currency:
|
---|
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 from 0.41%.
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: |
---|
|
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information
Non-bank multi-currency accounts and cards - like the Wise card - can be a great way to cut the costs of international spending.
However, if you’re looking for a credit card with no foreign transaction fee from a major credit card issuer, check out these alternatives:
Card | Fees | Key features |
---|---|---|
Discover® it Cash Back³ |
|
|
Capital One® Venture One⁴ |
|
|
Chase® Sapphire Preferred⁵ |
|
|
Read more on our full guide on no foreign transaction fee cards
Use this guide to the PayPal MasterCard foreign transaction fee that applies whenever you transact internationally - and don’t forget to check out the Wise card as an alternative you can use at home and abroad with low fees and the mid-market exchange rate.
Sources:
Sources checked on 11.21.2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Read on for everything you need to know about sending and receiving international wire transfers with Webster Bank.
Here’s everything you need to know about sending money orders with Publix. We cover fees and costs, limits, and how to fill one out. Read on to learn more.
Here’s everything you need to know about sending money orders with Kroger. We cover fees and costs, limits, and how to fill one out. Read on to learn more.
Read on for everything you need to know about sending and receiving international wire transfers with Everbank.
For many of us who are first-generation Americans, financial literacy isn’t something we learn from our parents - and we’re definitely not taught about money...
Read on for everything you need to know about sending and receiving international wire transfers with Huntington Bank.