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Visa/MasterCard Foreign Transaction (FT) Fee Frequently Asked Questions Is the FT fee listed on my SDFCU statement a new fee? No, the FT fee that appears on your SDFCU statement is not a new fee, but due to changes in debit and credit card company regulations, we are required to disclose the fee separately. For many years the exchange rate was included by Visa and MasterCard as part of the total transaction amount. Transactions made with your SDFCU Debit and Credit Cards are charged 1% of the total transaction amount, while other financial institutions charge you up to 3% of the total transaction amount How SDFCU compares against the competition.*
What is an Foreign Transaction (FT) fee? Currently, a line entitled, "ATM FEE" or "FOREIGN TRANSACTION FEE" appears when transactions are made in a country other than the country the card was issued in. An FT fee is a foreign transaction fee. When you make a purchase with your SDFCU Debit or Credit Card outside the United States or the billing is outside the United States, the amount charged is 1% of your total transaction amount. What types of transactions will be assessed an FT fee? SDFCU Debit and Credit Card purchases, refunds or ATM withdrawals made or billed outside the United States are subject to an FT fee. Do all credit and debit cards charge FT fees for transactions made outside the United States? All Visa, MasterCard, and American Express credit cards and debit cards issued by financial institutions are assessed an FT or foreign transaction fee for transactions conducted outside the country in which the card was issued. The amount that is charged to the user of the card is decided by the financial institutions that issue the credit or debit card. The 1% fee from Visa/MasterCard made with your SDFCU Debit and Credit Cards is passed through to you with no SDFCU up charge. Other financial institutions charge up to 3% of the total transaction amount. What benefit is there to using my SDFCU Debit or Credit Card while overseas? There are several advantages to using your SDFCU Debit or Credit Card while overseas. Generally, the cost of exchanging currency with an exchange company will cost more than the 1% FT fee assessed on overseas transactions you make with your card. Also, if your card is ever lost or stolen while you are traveling, Visa and MasterCard protect you against fraudulent use. Are transactions made on foreign U.S. Military bases subject to an FT fee? No, transactions made on foreign U.S. Military bases, embassies and consulates processed in U.S. dollars are exempt from the fee. However, if the merchant or owner of the ATM does not program their terminals as "domestic", regardless if your purchase or funds disbursed are in U.S. dollars, you will be charged the fee. SDFCU has no control on how these terminals are programmed. Why am I charged an FT fee for a transaction done with my ATM card? The FT fee is applicable for foreign ATM transactions. These transaction types are routed by the Plus network which is owned and operated by Visa.  |
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