CardHub Study: Credit & Debit Users Save 10% on Int’l Travel
May 12, 2014 | 1229 views | 0 0 comments | 5 5 recommendations | email to a friend | print
With a busy summer travel season forthcoming and a number of international destinations on people’s hot lists, the leading credit card comparison website CardHub today released its 2014 Currency Exchange Study in order to help folks save money on purchases processed abroad.



A few highlights of the study –  which compared currency conversion rates and fees from Visa, MasterCard, the country’s 15 largest banks, and Travelex – can be found below.

  • On average, the cheapest way to convert currency is to do so automatically with a no foreign transaction fee credit card or a no foreign fee debit card on the Visa or MasterCard network. The average bank and Travelex location charge 6.73% and 10.17% more, respectively.

     
  • While the cost differential between major card networks and the financial institutions that provide hard currency conversion services remains substantial, it has declined 17% for banks and 37% for Travelex since 2012.

     
  • The two major banks with the worst currency conversion deals are SunTrust and U.S. Bank. SunTrust charges $1.4813 for 1 Euro and has a $10 conversion fee. U.S. Bank charges a 1.4936 exchange rate and a $9.95 fee.

     
  • CardHub surveyed 35 of the 50 largest credit unions, and only four offer currency conversion services: State Employees Credit Union, First Tech Federal Credit Union, Citizens Equity First Credit Union, and ESL Federal Credit Union.

     
  • On average, the cost of currency conversion varies little between banks and credit unions, with the latter being 1.65% less expensive.
 

For the full study, please visit: http://www.cardhub.com/edu/currency-exchange-study/

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