Fidelity announced the removal of foreign transaction fees from their debit card. They previously had a 1% foreign transaction fee and they’ve now removed that.
As has always been the case, Fidelity will reimburse any ATM fees, even international ATMs. The new change is that the 1% fee has been removed on foreign purchases. In 2023, Fidelity announced the elimination of this fee on their 2% credit card, and today (8/19/24) they removed it from their debit card as well.
For Fidelity Cash Management Account owners, Youth Account owners or Fidelity Account® owners coded Premium, Active Trader VIP, Private Client Group, Wealth Management, or former Youth Account owners, your account will automatically be reimbursed for all ATM fees charged by other institutions while using the Fidelity® Debit Card at any ATM displaying the Visa®, Plus® or Star® logos. The reimbursement will be credited to the account the same day the ATM fee is debited. Fidelity does not charge foreign transaction fees; however, if you choose to pay a foreign debit card transaction in US dollars, your transaction may be processed at a rate different than market exchange.
Honestly, this change does not seem consequential for a lot of us who have reward-earning credit cards without any foreign transaction fee. Reward credit cards are better for purchases since there are no fees and they earn rewards as well. The Fidelity debit card is, as before, a good idea for pulling out cash from an ATM since, as before, they reimburse ATM fees.
Fidelity now matches Schwab who has long been known for the no ATM fee and no foreign transaction fees debit card.
Related:
- Master List of No Annual Fee, No Foreign Transaction Fee Cards
- Best Debit Cards For International ATM Cash Withdrawals
Hat tip to reader Avi
