USAA has eliminated foreign transaction fees for its credit cards.
"Staying true to our military members is a top priority. We know many of our active-duty members are stationed abroad at some point in their military careers and many of our members enjoy traveling abroad, so we wanted to make it easier for our members to manage their finances when they travel abroad," Matt Bruhn, vice president at USAA Bank, said Tuesday in an emailed statement.
The $71 billion-asset bank previously charged cardholders currency conversion fees of 1% on transactions made abroad. Many other companies charge 2%-3%.
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Wells Fargo has eliminated foreign transaction fees for transactions made by small businesses made outside the U.S.
October 28 -
Discover Financial Services said Monday that it's dropping the Foreign Currency Fee on its cards.
November 7 -
Merchants who use dynamic currency conversion should be required to give consumers full disclosure about the service's added fees.
May 27
The San Antonio-based bank did not say how much revenue it expected to lose as a result of the change, which went into effect Jan. 22.
