You might have noticed lately that your card statement is now providing a better explanation of the fees and charges your bank may charge you for transactions, especially for those made outside the Eurozone and in non-EU countries.
If your bank bills you in euro and you have used your card in any Member State where the euro is the national currency, your statement will show the amount of the transaction with no additional charges.
However, if you have used your card in an EU country where the euro is not its national currency (such as the UK) or outside the EU (such as the USA or Canada), your bank is likely to charge a currency conversion fee (or overseas transaction charge) that will be separately disclosed on your card statement with each foreign purchase. That fee may range between 1.25% to 2% of the purchase amount. The same charges may apply when buying on-line.
If your bank charges such a fee, check your card’s terms and conditions for more information as to how and when it is applied.
It's wise to find out what are the fees attached to your card before you leave for your travels so that you will be able to budget your spending abroad.
To make an informed decision on the type of card that you may apply for and to get exposure to the whole picture of tariffs which might be imposed by the major banks in Malta, click on the section “Compare fees & charges” on the top menu.