When you make a purchase in another currency, some banks and card companies charge a fee to facilitate the transaction. And while fees on foreign transactions are common, some financial institutions offer this service at no extra cost.
- ATM withdrawals in a foreign country
- Online card payments in currencies other than your banking currency
- Payments made while abroad
- International money transfers
Foreign transaction fees are often charged by a bank or card company on any transaction made outside your currency or region of use. The total fee charged is generally broken down into two parts.
- First, there’s a currency conversion fee for transferring the money from one currency to another, typically around 1%.
- Second, there’s the transaction processing fee (usually around 2%) charged by the bank or card company for providing an international service.
In addition to watching out for high foreign transaction fees, it’s important to consider currency exchange rates when making payments abroad. These rates are based on global trade markets and are used to calculate the sender’s currency into the recipient’s. Need a refresher on foreign currency exchange? Check out our handy guide here.
At N26, all our accounts feature free card payments worldwide — as often as you like and with no foreign transaction fees. N26 Go and Metal account holders can withdraw cash for free at foreign ATMs, while customers with Standard and Smart accounts are charged a fixed 1.7% conversion fee on the withdrawal amount.
N26 Smart
The bank account that gives you more control
€4.90/month
POPULAR
N26 Go
The debit card for everyday and travel
€9.90/month
Up to 5 free withdrawals in the Eurozone
Flight and luggage delay cover
Medical emergency cover
Winter activities insurance
Pandemic coverage
N26 Metal
The premium account with a metal card
€16.90/month
An 18-gram metal card
Up to 8 free withdrawals in the Eurozone
Purchase protection
Phone insurance
Dedicated N26 Metal line
Foreign transactions include any transactions made in a currency other than your own, such as cash withdrawals, card payments when traveling, or an online purchase from a foreign retailer.
A foreign transaction fee is charged by a card company or financial institution on transactions made abroad or with a foreign vendor. Fees are usually between 1% and 3% of the transaction value, though some card companies charge fixed rates.
Not all card companies charge foreign transaction fees. With N26, all account holders can make unlimited card payments abroad and overseas, completely free of charge.
No. All N26 account holders can make unlimited free card payments abroad — no strings attached. N26 Go and N26 Metal customers can make unlimited ATM withdrawals abroad, while all Standard and Smart account holders incur a small fee.
N26 Go and Metal cardholders are never charged to make ATM cash withdrawals, regardless of the currency or frequency. Standard and Smart account holders are charged a fixed fee of 1.7%.
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