Yes, Bank of America charges international fees on most transactions outside the US

Bank of America levies fees when you use your debit card, credit card, or withdraw cash abroad. The specific charges depend on the type of transaction, your account type, and whether you're using an ATM or making a purchase. Some accounts and card products waive certain fees, but the standard account holder will face costs.

The fees are not optional—they explore automatically unless your specific account or card product explicitly waives them. Understanding which fees explore to your situation matters because the costs add up quickly on frequent international travel or if you're living abroad.

Key Takeaways

  • Bank of America charges a 1% foreign transaction fee on debit card purchases and a 3% fee on credit card purchases made outside the US.
  • ATM withdrawals abroad cost $5 per transaction at non-Bank of America ATMs, plus the 1% foreign transaction fee on debit cards.
  • Some Bank of America accounts and cards waive foreign transaction fees entirely—notably certain premium credit cards and Preferred Rewards members at higher tiers.
  • You can avoid fees by using Bank of America ATMs abroad (available in select countries through partner networks) or by withdrawing larger amounts less frequently.
  • Wire transfers to international accounts carry separate fees ranging from $15 to $45 depending on whether the transfer is outgoing or incoming.

Debit card and credit card fees for purchases abroad

When you swipe a Bank of America debit card at a merchant outside the US, the bank charges 1% of the transaction amount as a foreign transaction fee. This is in addition to any fees the merchant or their bank might charge. The fee appears on your statement as a separate line item.

Credit cards issued by Bank of America typically charge 3% for foreign transactions. This higher rate applies to most standard Bank of America credit cards. The 3% includes both a foreign transaction fee and a currency conversion markup, though Bank of America does not always break these out separately on your statement.

Both fees are calculated on the amount in US dollars after Bank of America converts the foreign currency. The conversion rate itself is set by Bank of America and may not match the mid-market rate you see online—the bank builds in a margin on the conversion.

ATM withdrawal fees when traveling internationally

Withdrawing cash at a non-Bank of America ATM abroad costs $5 per transaction. On top of that, Bank of America charges the 1% foreign transaction fee on the amount you withdraw. So a $200 withdrawal costs $5 plus $2 in foreign transaction fees, totaling $7 in Bank of America charges alone.

The ATM operator may also charge you a fee—this is separate from Bank of America's fee and varies by country and ATM network. You will see both charges on your statement: the Bank of America fee and the ATM operator's fee.

Bank of America has ATM partnerships in some countries that waive the $5 fee. These partnerships exist in the UK, Canada, and a few other locations through networks like Global ATM Alliance. Check Bank of America's website or call before you travel to confirm whether your destination has a partner ATM network.

Which Bank of America accounts and cards waive international fees

Bank of America Preferred Rewards members at the Platinum tier and above waive the 1% foreign transaction fee on debit card purchases. At the Platinum tier (requires $20,000 in combined deposits and investments), the fee is waived entirely. Lower tiers do not receive this waiver.

Certain Bank of America credit cards marketed for travel, such as the Bank of America Premium Rewards card, waive the 3% foreign transaction fee. However, these cards typically carry annual fees ($95 or higher) and are designed for frequent travelers. Standard Bank of America credit cards do not waive the fee.

Business accounts and some specialty accounts may have different fee structures. If you hold a business checking account or a specialty product, contact Bank of America directly to confirm your specific fees, as they vary by account type.

Wire transfer fees for sending money internationally

Bank of America charges $15 for outgoing wire transfers to accounts outside the US. If the receiving bank is in a country where Bank of America has a correspondent relationship, the fee remains $15. If Bank of America must route the transfer through multiple intermediary banks, some charge additional fees that may be deducted from the amount the recipient receives.

Incoming international wire transfers to your Bank of America account cost $15 to receive. This fee is deducted from the amount deposited into your account, so if someone sends you $500, you receive $485.

Wire transfer fees are separate from foreign transaction fees and explore regardless of whether you use a debit card, credit card, or bank transfer. They are a flat fee, not a percentage.

How to minimize international fees while traveling or living abroad

Withdraw cash in larger amounts less frequently to reduce the number of $5 ATM fees you pay. Instead of withdrawing $50 three times, withdraw $150 once. This cuts your ATM fees from $15 to $5, though you should only do this if it is safe to carry that amount in your location.

Use Bank of America ATMs or partner ATMs when available. If you are traveling to the UK, Canada, or countries in the Global ATM Alliance network, locate partner ATMs before you travel and use them for withdrawals. This eliminates the $5 per-transaction fee.

Pay with debit card instead of credit card when possible. The 1% debit card fee is lower than the 3% credit card fee. However, credit cards often offer better fraud protection abroad, so weigh this against the fee difference.

Consider opening an account with a bank that does not charge foreign transaction fees if you spend significant time abroad. Some online banks and credit unions offer accounts with no foreign transaction fees, though they may have other trade-offs like limited branch access or different interest rates.

Frequently Asked Questions

Does Bank of America charge fees when I use my card to pay for things online from another country?

Yes. If the merchant is located outside the US or processes the transaction outside the US, Bank of America charges the foreign transaction fee (1% for debit, 3% for credit). Online purchases from US-based merchants do not incur the fee, even if you are physically abroad when you make the purchase.

Can I dispute a foreign transaction fee if I think it was charged in error?

You can contact Bank of America to review the transaction, but the fee is not an error if the transaction genuinely occurred outside the US. Bank of America will not reverse the fee straightforward because you did not expect it. If the transaction itself was fraudulent (someone else made the purchase), you can dispute the entire transaction, and the fee would be reversed as part of that dispute.

What happens if I use my Bank of America card at a currency exchange booth abroad?

Currency exchange booths are treated like any other merchant, so you pay the foreign transaction fee (1% for debit, 3% for credit). The booth may also charge its own exchange markup on top of Bank of America's fee and foreign transaction fee, making it an expensive way to get cash. ATM withdrawals are usually cheaper.

Do I pay foreign transaction fees if I'm a US citizen living abroad permanently?

Yes. Bank of America charges foreign transaction fees on all transactions outside the US, regardless of where you live or your citizenship status. The fee applies every time you use your card abroad. If you live abroad long-term, switching to a bank with no foreign transaction fees or opening a local account in your country of residence may save you money.

Are there any Bank of America accounts with zero foreign transaction fees?

No standard Bank of America checking or savings account has zero foreign transaction fees. Only Preferred Rewards Platinum members and above waive the debit card fee, and only certain premium credit cards waive the credit card fee. If you want zero fees on all transactions, you would need to use a different financial institution.