What Are Conversion Fees?
Conversion fees are extra charges you may face when exchanging one currency for another, especially during international purchases or when using a bank or credit card abroad. These fees can increase the cost of your transactions, so it’s important to understand them.
Transaction Fees at Remoly Invoicing
At Remoly Invoicing, we want you to understand the fees that may apply to different transactions:
Withdrawal Fees: A small fee may apply when withdrawing funds, depending on the amount and currency.
Currency Conversion Fees: If you’re making a transaction in a different currency, a conversion fee will apply, based on exchange rates.
International Transfer Fees: Sending or receiving funds internationally may incur a fee, depending on the country and currency.
How Do Conversion Fees Work?
Banks and credit card companies charge conversion fees when you make a foreign currency transaction. This fee covers the cost of converting the foreign currency into your local currency. Conversion fees can either be a percentage of your transaction or a flat fee, depending on the provider.
How to Avoid or Reduce Conversion Fees
Here’s how you can reduce or avoid conversion fees:
Use No-Fee Credit Cards: Choose credit cards with no foreign transaction fees, especially if you're traveling abroad.
Pay in Local Currency: Always pay in the local currency to avoid additional conversion charges.
Check for Extra Fees: Some banks charge extra for things like international ATM withdrawals. Be sure to check.
Tips to Save on Conversion Fees
Compare Exchange Rates: Exchange rates can vary. Compare them to get the best deal.
Know Your Bank’s Fees: Check with your bank or credit card provider to understand any fees that might apply.
Being aware of these fees can help you save money on international transactions.