How to Get Your US Bank Currency Exchange Fee Waived
When traveling abroad, it's helpful to have the right currency on hand to aid in commerce. However, exchanging US currency for foreign currency and back again can be an expensive proposition. This is especially true if you use a kiosk or other type of currency exchange facility overseas. You may, however, exchange currency before you travel to avoid those high costs. However, it's not necessarily free.
The US Bank, like most banks and credit unions in the country, charges a fee to exchange foreign currency. The cost to exchange money varies depending on several factors. You may be able to avoid fees altogether by using DoNotPay.
Common Fees Charged by US Bank and Other Banks
Banks and other financial institutions have bills to pay, just like any other type of business. They need to maintain a certain level of income in order to remain viable. The way that your bank does this is by charging fees for certain services. Some of the most common fees banks charge include:
- Monthly account maintenance fees
- Overdraft fees
- Returned check fees
- Out of network ATM fees
- Wire transfer fees
What Are Currency Exchange or Conversion Fees?
A currency exchange fee is a charge assessed by a bank or merchant to convert transactions involving foreign currency into dollars or visa versa. The fee is determined by the bank or credit or debit card payment processor, the ATM network, or it may be calculated at the point of sale.
Keep in mind that exchange fees are not the same as foreign transaction fees. Key differences include:
- Currency exchange fees pertain to cash withdrawals, purchases, and cash exchanges.
- Foreign transaction fees are charged by your bank for doing business outside the country.
You could be charged both a currency exchange fee and a foreign transaction fee when you make purchases in another country.
Why Does the US Bank Charge Currency Exchange Fees?
The reason banks charge to exchange currency is quite simple, it's a service that people need. Banks don't make money from the deposit accounts they hold, a bank's main source of income are fees and penalties charged to customers. It's only natural then that the US Bank would put a price on the service of exchanging foreign currency.
Bank fees for foreign currency exchange are as follows:
- $10 exchange fee for transactions equal to or less than $250 U.S. dollars.
- $0 exchange fee for transactions greater than $250 U.S. dollars.
- You must exchange at least $20 (USD).
- Foreign coins cannot be exchanged.
How to Avoid US Bank Currency Exchange Fees With DoNotPay
Even though the US Bank says they charge every customer for currency exchanges, you may not have to pay fees. In fact, DoNotPay can help you get out of paying all kinds of bank fees.
If you want to get US Bank Fees waived but don't know where to start, DoNotPay has you covered in 4 easy steps:
- Open the DoNotPay Fight Bank Fees product.
- Enter the name of your bank.
- Verify the last 4 digits of your bank account.
- Choose which fees you want to waive, including overdraft, ATM, and transaction fees.
Why Use DoNotPay to Manage Bank Fees
Your bank imposes several types of fees on your account and your financial transactions. But, did you know you can avoid paying fees if you ask right? With DoNotPay, you can get all types of fees waived.
- It's Fast—You don't want to wait for days for the bank to decide to cut you a break. With DoNotPay, fees get waived quickly.
- It's Easy—Just answer some questions, click the button, and get your fees waived.
- Be Successful—Enjoy the extra cash you have on hand when your fees are waived.
What Kind of Bank Fees Can I Get Refunds for With DoNotPay?
You may not realize this, but you could be overpaying for fees at your bank. You don't have to. In fact, you shouldn't be charged for many things that you probably are.
Get your money back and take charge of your financial life with DoNotPay. No matter what fees you're fighting, what bank you're dealing with, or how many fees you've gotten, we can help get your money back.
|Citizens Bank overdraft fees||Fifth Third Bank overdraft fees||Bank of America overdraft fees||Chase Bank|
|TD Bank||Wells Fargo||Bank of America||Paypal|
What Else Can DoNotPay do?
In addition to helping you get bank fees waived, the world's first robot lawyer can help you do all kinds of other things. Just a few of the types of things this amazing product can do include:
- Sue in Small Claims Court
- Set up a Revocable Living Trust File Insurance Claims
- Get Gift Card Cash Back
- Manage Credit Card Debts
- File Suit for Breach of Contract
- Create a Power of Attorney
Visit the DoNotPay website today to find out all the ways this incredible app can do for you and your family. We guarantee that you'll wonder how you ever managed to get things done without it.