Hello,
I’m located in the US and would like to purchase the woodworker CNC from Onefinity Canada. When using my Bank of America credit card I was charged a $75 foreign transaction fee by BOA. If I purchased the item using PayPal (linked to my checking) could I avoid the foreign transaction fee? Or, are there any other ways to avoid the foreign transaction fee?
Onefinity says they’re not sure if using paypal would avoid the international fees.
While I live in Canada, typically foreign exchange fees/premiums above the exchange rate at the time of purchase is usually a fee the credit card companies charged. I work for a bank in Canada and our Visas have a 2.5% foreign exchange fee. I am not sure if PayPal also has a similar fee or not.
I live in Canada and was going to buy a new controller from Australia in US dollars, and there was a PayPal surcharge applied - looked to be about 4%.
To the OP: did you buy the machine in Canadian dollars or US dollars? The latter should not have a foreign transaction fee.
But if you’re curious: some credit cards with a focus on travel waive foreign transaction fees. Or you could draw a cheque in CDN funds (but you’ll pay the US bank drafting the cheque a foreign exchange fee…)…
-Mark