Wells Fargo Cards Foreign Transaction Fees: All you need to know - Exiap (2024)

Wells Fargo offers a range of debit cards you can link to checking and other accounts for day to day use, and credit cards which have features and benefits designed to suit different customer needs.

In this guide we’ll take a look at the fees you’ll run into when you use a Wells Fargo card internationally – either when you travel or when you’re shopping online with a retailer based overseas. We’ll cover the fees, limits, exchange rates, and we’ll also provide some alternatives like Wise and Revolut that could offer better debit card options with low transaction fees and better exchange rates.

In this article, we’ll cover:

• Wells Fargo foreign transaction fees
• Wells Fargo international ATM fees
• Wells Fargo card exchange rates
• Wells Fargo card alternatives
• Wells Fargo card foreign transaction limits
• How to avoid foreign transaction fees

Can I use my Wells Fargo card internationally?

Wells Fargo issues debit cards primarily on the Visa network, and has a range of credit card options which are mainly Visa, but with one option if you’d prefer a card on the Mastercard network.

Visa and Mastercard are both widely globally accepted, which means you shouldn’t run into any issues using your Wells Fargo cards overseas – just look out for the network symbol when you shop or make withdrawals.

If you’re a Wells Fargo customer, using your bank issued cards internationally may be convenient and secure. However, it may not be necessarily the cheapest way to spend in foreign currencies, due to Wells Fargo foreign transaction fees and currency conversion fees.

This guide looks in detail at the fees you pay when you use Wells Fargo internationally – and some ways to cut or avoid these charges.

How does Wells Fargo compare on international fees?

To set the scene let’s look at how Wells Fargo compares generally on international fees when you use your credit card, debit card, or checking account. We’ll compare Wells Fargo to another major US bank – Chase – and a couple of specialist alternatives, Wise and Revolut.

*Credit cards featured are the Wells Fargo Active Cash Card and the Chase Freedom Unlimited Card – card terms change over time, and other credit cards are available from these banks, which may have varied terms

As you can see, the international fees used by both Wells Fargo and Chase are relatively similar. While big banks offer a broader range of services than many specialist providers, they may also have higher fees for transacting internationally compared to providers which have been built to bring down the costs of currency conversion and overseas spending.

Alternatives like Wise and Revolut use different approaches to international fees, which can mean lower overall costs and more transparency. More on these alternative options a little later.

Wells Fargo Credit and Debit Card Foreign Transaction Fees

Foreign transaction fees apply whenever you transact in a currency other than USD. They’re often used for both credit and debit card purchases and withdrawals – although some cards which are designed specifically for travel may waive these fees.

Here are the foreign transaction fees for Wells Fargo debit cards, and also for one of the most popular credit cards available from this bank – the Wells Fargo Active Cash. This card replaces the previously available Wells Fargo Cash Wise card.

It’s worth knowing that this is only one of the fees which may apply when you transact internationally with Wells Fargo. We’ll look at a few more common costs next.

Wells Fargo International ATM Fees

ATM cash withdrawal fees apply when you want to withdraw money from your account when you are abroad. Fees can also apply when you use an ATM to check your balance or get a statement.

ATM costs vary depending on whether you’re using a credit or debit card – here’s a rundown of the key costs to know about for the cards we featured above – don’t forget you’ll also be paying the 3% foreign transaction fee if it applies to your card type.

Here’s a reminder of the total costs of ATM withdrawals from the providers we looked at earlier, as a comparison:

Chase – Credit cards – 10 USD or 5% cash advance fee applies; Debit cards – 5 USD

Wise Card – 2 withdrawals up to 100 USD in value – free; 2% + 1.5 USD after that

Revolut Card – No-fees applied to 1,200 USD/month; 2% after that

Wells Fargo Card Exchange Rates

If you’re using Wells Fargo to get foreign currency, send a wire, cash a foreign check or similar, you’ll get the Wells Fargo exchange rate. This will include a markup on the mid-market rate – which means you’ll get a worse rate than the one you find on Google or using a currency converter.

When you’re spending with a Wells Fargo card, the chances are that the exchange rate you’ll get will be set by the network the card was issued on – Visa or Mastercard. The rates used by card networks are generally considered to be quite fair.

However, there are a couple of issues – firstly the rate you get will be the one that’s live when your payment is processed, not when you actually make the purchase. That means you’ll only be able to see the applicable exchange rate after you have already paid. And secondly – usually the bigger issue – even where the network rate is good, you’ll still have to consider the foreign transaction fee used by the bank. At about 3% usually, this pushes up the costs, effectively meaning you get a worse exchange rate overall.

One final hurdle to know about when using a card overseas – dynamic currency conversion (DCC). This is where you’re asked if you’d rather pay in USD or the local currency where you are.

Paying in USD sounds easy because you don’t need to work out the currency conversion to see exactly what your purchase cost. However, it’ll actually mean you get an exchange rate set by the merchant, which can also include extra fees. Avoid DCC by asking to pay in the local currency wherever you are – this will help you avoid surprise costs and poor exchange rates.

Wells Fargo Card Alternatives

Using your normal bank card when you’re overseas can be convenient – but it’ll probably also be pretty expensive compared to alternatives. Here’s a reminder of some of the costs involved with Wells Fargo and if you choose a card from a different provider for your overseas spending.

If you’re planning to travel, having a few different means of payment can make sense – then you’ll always have a back up plan if your primary payment method doesn’t work for any reason. Instead of relying on your normal bank’s credit or debit card, why not get a specialist account and card from an alternative provider to use when you travel – you could cut your costs and get a better exchange rate, and some services offer cards and accounts with no ongoing fees to worry about. Here’s a bit more about the providers we picked out:

Chase Cards

• Best for: Select Chase travel credit cards have no foreign transaction fee and offer rewards when you spend on travel
• Foreign Fees & Exchange Rates: Debit cards have a 3% foreign transaction fee, credit card fees vary and can include foreign transaction fees, annual charges and interest
• Is it safe to use internationally? Yes. Chase is a large international bank which is fully regulated and licensed

Chase has a range of cards which you might consider if you’re looking for a credit card which can be used overseas. Some Chase travel reward cards waive the foreign transaction fee, and reward travel spending – but they’ll usually mean paying an annual fee of anything up to 550 USD, so you’d want to weigh up the overall costs. Chase cards are available on both the Visa and Mastercard networks, and are accepted globally.

Wise International Debit Card

• Best for: Low cost currency conversion, and a digital account to hold 50+ currencies with no ongoing fees
• Foreign Fees & Exchange Rates: Currency conversion from 0.41% with the mid-market exchange rate
• Is it safe to use internationally? Yes. Wise is fully regulated, and you can freeze and manage your card in the Wise app, with instant transaction notifications so you’re always in control

Open a Wise Account online or in the Wise app, to hold 50+ currencies all in the same place. Whenever you need to convert currencies in your account, to send payments, or to spend with your card, you’ll get the mid-market exchange rate and low fees from 0.41%. There are no ongoing costs and no minimum balances, so you can simply use your Wise card whenever you travel and just pay for the services you need.

Revolut Card

• Best for: Choice of account plans with high no-fee international ATM withdrawals
• Foreign Fees & Exchange Rates: No ATM fees to 1,200 USD/month, plus currency conversion at the mid-market rate to your plan limits
• Is it safe to use internationally?: Yes. Revolut cards can be managed in the app and Revolut is licensed in a range of countries

Revolut accounts offer a fairly broad range of features – with good international options even with the standard plan without monthly fees. You’ll be able to hold 25 currencies, withdraw internationally up to 1,200 USD for free, and get currency conversion up to 1,000 USD/month without fees on the standard plan. If you’re happy to pay a monthly fee you can unlock even more travel benefits like lounge access and insurance.

Wells Fargo Card Foreign Transaction Limits

Wells Fargo cards are subject to limits, which can vary based on the card type. If you have a debit card you can see the applicable limits in your online banking. Credit card holders will be able to find the limits in the card terms and conditions. If you’re making an ATM withdrawal the ATM operator may also apply limits – which can be lower than those your own bank uses.

How to avoid foreign transaction fees

The chances are you’ll run into some fees when you transact internationally. However, there are a few ways you can help understand and limit the costs involved:

• Read your card terms and conditions to look at international ATM and foreign transaction fees in particular
• Avoid using a credit card for cash withdrawals if possible – fees tend to be high and you’ll pay interest immediately
• Watch out for extra fees imposed by ATM operators – these are usually shown on screen before you confirm a withdrawal
• Always pay in the local currency to avoid the high costs associated with DCC
• Check your network’s exchange rate – available online – so you can see what to expect
• Use a card from a specialist service like Wise or Revolut to get more transparent fees and a better exchange rate

Conclusion

Wells Fargo has a good selection of credit and debit cards – most of which are issued on the Visa network. All Wells Fargo cards should work internationally wherever the card’s network is accepted – however, there’s often a 3% foreign transaction fee, plus ATM withdrawal costs if you’re overseas.

Alternative providers like Wise and Revolut may be able to offer better exchange rates and a more flexible way to manage your money across currencies when you spend online with international retailers or travel.

Wells Fargo Foreign Transaction Fees FAQs

Can I use my Wells Fargo card internationally?

Yes. Wells Fargo cards can be used internationally anywhere the card network is accepted. Read our detailed article to learn more about the foreign transaction fees with Wells Fargo cards.

How do I avoid international ATM fees?

You can’t always avoid international ATM fees with Wells Fargo. Instead, picking a card from a specialist provider like Wise or Revolut, which offers some no-fee international withdrawals, may be a better bet.

How to let Wells Fargo know you are traveling?

While you may not need to confirm to Wells Fargo that you’re planning to travel, you may need to turn on international usage for your card – which you can do in your online banking service.

Does the Wells Fargo debit card have foreign transaction fees?

Yes. There’s a 3% foreign transaction fee when you spend with a Wells Fargo debit card in a currency other than USD.

How do I know if I have to pay foreign transaction fees?

Check your card or account terms and conditions to spot any foreign transaction fees that will apply to your account.

Sources:

1. Wells Fargo Debit Cards
2. Wells Fargo Credit Cards