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Credit Cards vs Debit Cards Abroad: Avoiding Foreign Transaction Fees

Started by MikeFromMichigan · 10 juin 2025 · 7 replies · 📖 Read as Guide
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MikeFromMichigan
Finance major, two semesters abroad (London + Barcelona)
Joined: Oct 2018 Posts: 71
10 juin 2025 #1
Spent my first month in London losing money on every transaction because I did not understand how foreign fees work. Figured it out the hard way and now I have a system that costs me exactly zero in fees. Full breakdown of credit vs debit, best cards, and ATM tricks for students abroad.

Pour aller plus loin, découvrez destinations dog-friendly en France.

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OliviaOxford
Graduate student, Oxford University
Joined: Jun 2024Posts: 161
June 14, 2025#2
The Schwab checking account tip is not talked about enough. I have been using it across three countries and the ATM fee reimbursement is real. They refund everything at the end of the month, no questions asked.
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BackpackerJake
Gap year traveler, Southeast Asia and Europe
Joined: Jul 2019Posts: 22
June 18, 2025#3
Dynamic currency conversion got me in Prague. A Euronet ATM charged me in dollars and I did not realize I could refuse. Cost me about twelve dollars on a two hundred dollar withdrawal. Never again after reading this.
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SarahStudiesAbroad
Study abroad advisor, small liberal arts college
Joined: Oct 2022Posts: 169
June 22, 2025#4
We now include this type of financial setup information in our pre-departure orientation. The number of students who arrive abroad with only a standard Bank of America debit card is still too high. Sharing this with our office.
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NatalieVancouver
Canadian exchange student in the US
Joined: Apr 2022Posts: 111
June 26, 2025#5
For Canadian students the equivalent is the Wealthsimple Cash card or the STACK prepaid Mastercard. Both have no foreign transaction fees. The principle is the same across countries, get the right card before you leave.
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LiamLondon
Economics undergraduate, LSE
Joined: Oct 2022Posts: 21
July 01, 2025#6
Revolut free plan gives you 1000 GBP equivalent in no-fee exchanges per month. For a student that covers most of your spending. Only hits the 0.5% fee if you exceed that threshold, which is rare unless you are paying rent through it.
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CamilleDuval
French exchange student, NYU
Joined: Jan 2019Posts: 128
July 05, 2025#7
The three-card system described here is exactly what I use. Wise for online purchases in euros, Schwab for ATM cash, and a no-fee credit card for everything else. Total fees last semester: effectively zero.
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RyanToronto
Business student, University of Toronto
Joined: May 2023Posts: 160
July 10, 2025#8
Worth mentioning that some cards also charge a cash advance fee if you accidentally use a credit card at an ATM instead of a debit card. The fee is usually 5% plus interest from day one. Never use a credit card for ATM withdrawals.
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