Does UMB Bank Charge an International Transaction Fee?

International transaction fees are one of the many bank fees consumers now have to deal with. Big banks rake in billions every year from these fees which, individually, may seem small, but can quickly compound.

Overdraft fees probably get the most headlines—in 2019, big banks hit customers with a whopping $11.7 billion in overdraft fees—but there are other major bank fees as well, like the international transaction fee.

A number of banks, including UMB Bank, are currently under investigation by law firms on behalf of clients for their international transaction fee practices. If you have been hit by unfair or excessive UMB Bank fees, you may be able to file a lawsuit and pursue compensation.

Where Is UMB Bank Located?

UMB Bank was founded in 1913, then known as City Center Bank before it took its new name in 1994, and operated out of Kansas City, Missouri. UMB Bank operates 95 banking centers across eight states: Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona, and Texas.

What Is an International Transaction Fee?

An international transaction fee—also commonly referred to as a foreign transaction fee or a foreign currency transaction fee—is a fee charged by a card issuer and payment network when a consumer uses a credit or debit card to make either a purchase or a withdrawal in a foreign currency.

Typically, an international transaction fee will range between 1% and 3%, though 3% is more common. The fee actually comprises two separate fees: a fee from the payment networks and a fee from the card issuer. Typically, Visa and Mastercard charge a 1% fee on each foreign transaction, and the card issuer typically adds on their own charges of 1% to 2%. Though the number is low, keep in mind that a 3% fee on a high charge can in and of itself be quite costly. Moreover, even these fees on small charges can add up very quickly.

Charging an international transaction fee has been standard practice for years. However, more and more cards have been getting rid of this fee over time. Now, there are many options available for international travelers looking for a credit card with no international transaction fee.

Does UMB Bank Charge an International Transaction Fee?

UMB Bank, like many banks and credit unions around the country, does charge an international transaction fee on the majority of its credit cards. UMB Bank fees are a little lower than others. All credit cards except the UMB Travel Select card charge a 2% fee on the U.S. dollar value of each foreign transaction.

Why Pay an International Transaction Fee for an Online Purchase?

Sometimes, consumers get hit with an international transaction fee even when they’re buying online from the U.S. This can happen if the transaction gets processed outside the U.S. A good clue that this might happen is if prices on the website you’re purchasing from are listed in non–U.S. currency. These fees can also be charged on purchases made on a U.S. website if the merchant is based in a foreign country.

Why are these fees charged on some online purchases? “Because banks have to convert your money spent into U.S. dollars so they can charge your account,” Victoria L. Fillet, a financial adviser at Roosevelt Wealth Management in New York City, told CreditCards.com.

The conversion itself costs money, and so some banks will pass that cost along to customers by charging them these fees.

Filing an International Transaction Fee Lawsuit

A growing number of financial institutions like UMB Bank are being hit with litigation from consumers who allege that the international transaction fees they were charged on credit and debit card purchases made while in the U.S. are actually illegal. For example, Bank of America was hit with a lawsuit in February alleging that the bank charges inflated international transaction fees.

If you have been hit by unfair or unexpected UMB Bank fees on a purchase you made from the U.S. through a foreign website or merchant, or a similar fee with another bank, you may be able to file a lawsuit and pursue compensation.

Lawyers are investigating a number of banks for their foreign transaction fee practices, including:

• UMB Bank
• Arvest
• HSBC
• Glacier
• Centerstate
• Washington Trust (RI)
• Valley National
• Liberty Bank (CT)
• Central Pacific
• PSECU

Filing a lawsuit can be a daunting prospect, so Top Class Actions has laid the groundwork for you by connecting you with an experienced attorney. Consulting an attorney can help you determine if you have a claim, navigate the complexities of litigation, and maximize your potential compensation.

Join a Free Foreign Transaction Fees Class Action Lawsuit Investigation

If you were charged a foreign transaction fee on a debit card or credit card purchase made on a foreign website, you may qualify to join this foreign transaction fees class action lawsuit investigation.

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This article is not legal advice. It is presented
for informational purposes only.