What is the `typical` Bank Fee (0 - 5%) these days?

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What is the `typical` Bank Fee (0 - 5%) these days?

Postby ken_jp » Fri Sep 11, 2015 10:27 pm


Currently, I start up an EC site to sell export products from Japan for US customers, and I have a question.

For various reasons, I would like to charge customers in JPY basis.
At the same time, I would like to present a back-calculated USD price in our website.
The USD price we present is preferable as fairly precise as possible to the actual price of customer's credit statement.

To do so, I plan to declare we refer the most recent rate by Visa-USA exchange calculator,
http://usa.visa.com/personal/card-benef ... ulator.jsp
Enter Bank Fee (0 - 5%): ?? %
Your bank may or may not assess foreign transaction fees on crossborder transactions.
Date Requested:
Select a Date
Calculate Exchange Rates
Rates apply to the date the transaction was processed by Visa; this may differ from the actual date of the transaction.

And here, I am not sure how many % for Bank-Fee(Foreign Transaction Fee) is the most fair to be assumed for the majority of our customers.

Obviously, 0% is the cheapest and preferable for both sellers and buyers, however, in reality, in these days, 0% is too optimistic, and I feel lack of honesty to assume as a seller.

How much would you say is the `typical` or `average` for Bank-Fee(Foreign Transaction Fee)?
Thanks for your opinion. :)

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Re: What is the `typical` Bank Fee (0 - 5%) these days?

Postby Silvervox325 » Tue Sep 15, 2015 11:22 am

It seems that the average fee (when present) varies between 1 and 3 percent across all cards (with 2.7% seeming to be most common based on my own brief research). However, the good news is that 'no foreign transaction fee' cards seem to be becoming more common - including a list of no-fee cards might entice a sale if the customer's card is on the list.

Conversely, you may also want to include a list of cards with abnormally high transaction fees so that your customers aren't surprised by high fees. I wasn't able to find a list of cards with the highest transaction fees, but you may be able to compile one over time and with experience.

Finally, keep in mind that some cards charge a flat fee, a combination of flat and scaled fees (e.g. $1.50 + 2% of amount), or in rare occasions, "greater of" fees (e.g. "greater of $1.50 or 3% of purchase"). Depending on the value of the purchase, these may be an absolute killer.

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Joined: Fri Sep 11, 2015 9:55 pm

Re: What is the `typical` Bank Fee (0 - 5%) these days?

Postby ken_jp » Tue Sep 15, 2015 4:00 pm

Thanks a lot Silvervox325!
Very informative statement and the link. :rolleyes:

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