Your Capital One credit card can be a handy travel companion as it's accepted in millions of places both at home and abroad.
There are certain fees or charges which will apply if you use your card abroad or make a transaction in a foreign currency.
We'll explain the charges here, but it's also a good idea to check your Credit Card Agreement before you go.
When you use your Capital One card to make a purchase abroad we will charge you a Non-Sterling Transaction Fee. You can check your Credit Card Agreement to find out how much the Non-Sterling Transaction Fee as it may vary, depending on the card you have. You will also incur this fee if you buy something in a currency other than Sterling, even if you physically make the purchase in the UK. For example, this could happen if you bought something online from a non-UK website. You'll see this fee on your statement as 'Non-Sterling Transaction Fee' and in your Credit Card Agreement as 'Non-Sterling Transaction Fee'.
We'll calculate the exchange rate at the time of your purchase using the Visa and Mastercard payment scheme exchange rates. You'll be able to see the exact exchange rate which was used on your statement. You can also find past and current exchange rates at any time on the Mastercard opens in a new tab or Visa opens in a new tab websites.
For example, if you make a purchase of €100 at the current exchange rate* of €1 = £0.905484, this would be £90.55 (we will work this out for you based on the exchange rate at the time). You may also have a Non-Sterling Transaction Fee (for example, 2.75%) added to the Sterling value. This would mean you have £90.55 taken out of your account + £2.49 (which is 2.75% of £90.55) = £93.04.
Before you buy something in a foreign currency, let us work out the total cost of using your Capital One card. That way, you can see if there's a cheaper way to pay.
You can also check previous transactions going back 365 days.
To check the cost of shopping in a different currency, go to the currency converter for foreign transactions.
Like in the UK, there's a charge when you use your Capital One card to withdraw cash from an ATM abroad.
As well as the Non-Sterling Transaction Fee, foreign cash withdrawals will also incur a Cash Fee of 3% (minimum charge of £3 applies). This will show on your statement as 'Cash Fee' and in your Credit Card Agreement as the 'Cash Withdrawal Handling Fee'. You should be aware that this fee also applies to other types of transactions such as gambling and you'll need to take into account any other restrictions when withdrawing cash - such as daily cash withdrawal limits. There is no interest free period for cash withdrawals, and interest is charged from the date of the transaction. Please see your terms and conditions for more information.
You should also be aware that you may be charged an additional fee for withdrawing cash at certain ATMs. Usually there will be message on the ATM at the time of the transaction that provides more detail. You may be charged a Non-Sterling Transaction Fee as well as the Cash Fee. For example, if you withdraw €100 at the current exchange rate* of €1 = £0.905484 it would be £90.55 (we will work this out for you based on the exchange rate at the time). You may then also have a Non-Sterling Transaction Fee of (for example) 2.75% plus the Cash Fee of 3% (minimum £3) added to the sterling value. This would mean you have £90.55 taken out of your account + £2.49 (2.75%) for the Non-Sterling Transaction Fee and £3 for the Cash Fee (as the 3% of £90.55 is less than £3) = £96.04
When you use your Capital One card abroad you may be given the option to make the transaction in Sterling. If you do this, you will not be charged a Non-Sterling Transaction Fee, but the retailer or merchant sets their own exchange rates which might not be as competitive as the rates Capital One receive from Visa and Mastercard.
Visa Exchange Rate as of the *1st June 2020