The CARD Act of 2009 eliminated almost all of the traditional tricks and traps that banks used to employ to separate you from your money. However, one of the last remaining fees that banks are still allowed to charge is the foreign transaction fee.
The foreign transaction fee is not a currency exchange commission. In fact, purchases in U.S. dollars made outside the country are usually subject to this fee, meaning you don’t even have to leave home to be ripped off. You’ll also pay the foreign transaction fee on some purchases that are merely processed in other countries.