If you make a transaction in a foreign currency, you will be charged a non-sterling transaction fee of 2.99% on the transaction amount. If you use your Card to withdraw cash abroad a cash fee of 3% of the withdrawal amount or £3 (whichever is greater) will be payable in addition to the non-sterling transaction fee.
If you’re logged in to Online Account, you can see the Foreign Transaction Calculator. You can use this to give you an indication of the fees and the exchange rate for transactions in a foreign currency.
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Now, let's dissect the concepts presented in the provided article:
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Non-Sterling Transaction Fee (2.99%):
- This fee is imposed when making a transaction in a foreign currency using a card. The 2.99% charge is calculated based on the transaction amount and is intended to cover the costs associated with currency conversion and processing.
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Cash Withdrawal Abroad:
- When utilizing a card to withdraw cash in a foreign country, two fees come into play. Firstly, the non-sterling transaction fee of 2.99% applies to the withdrawal amount. Additionally, there is a cash fee of 3% of the withdrawal amount or £3, whichever is greater. This dual fee structure accounts for the currency conversion and the actual act of obtaining cash in a foreign currency.
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Foreign Transaction Calculator:
- The Foreign Transaction Calculator is a tool available to cardholders when logged into their Online Account. This tool serves as a valuable resource for estimating the fees associated with transactions in a foreign currency. It provides insights into both the fees and the exchange rate applicable to the specific transaction, offering users transparency and the ability to make informed financial decisions.
In summary, these concepts highlight the intricacies and costs associated with conducting financial transactions in foreign currencies. Whether making purchases or withdrawing cash abroad, individuals should be mindful of the non-sterling transaction fee, cash withdrawal fees, and leverage tools like the Foreign Transaction Calculator to gauge the potential costs and exchange rates associated with their international financial activities.
