Understanding Navy Fed International Fee and Exchange Rates

Navy Fed charges a 1.25% foreign transaction fee on all international transactions.

This fee is applied to every purchase you make abroad, including online transactions and ATM withdrawals.

The exchange rate used by Navy Fed is the wholesale exchange rate, which is the rate at which banks trade currencies with each other.

This rate is typically more favorable than the exchange rate offered by currency exchange services or airports.

Navy Federal Credit Union charges a $25 sending fee for international wire transfers, which is cheaper than some high street banks, but still more expensive than using a money transfer service.

Their exchange markup is 3-5%, which is higher than what money transfer services like Wise and Revolut charge, with a markup of 0-2%.

Here's a comparison of Navy Federal Credit Union's fees and exchange rates with money transfer services:

This means that if you're looking to send money internationally, a money transfer service like Wise might be a better option, especially considering their lower fees and exchange markup.

Expand your knowledge: Us Postal Service International Money Order

Eliminating Credit Card Fees is a game-changer for Navy Federal members, especially those who travel or live abroad.

Navy Federal eliminates foreign transaction fees on all credit cards, making it easier for members to use their credit cards while traveling or based overseas.

There are no fees for credit card balance transfers, which can be a huge relief for those who need to move debt from one card to another.

All cards have no annual fee, except for the Visa Signature Flagship Rewards Card, which offers added benefits like travel and emergency assistance for an annual fee of $49.

Navy Federal also sets no limit on rewards earned for eligible purchases, so members can earn as many rewards as they want without worrying about a cap.

Explore further: Navy Federal Credit Union Visa Signature Cash Rewards

Navy Federal Credit Union fees and exchange rates are worth understanding before you send money internationally. The two key costs you need to be aware of are Navy Federal exchange rates and Navy Federal international transfer fees.

Related reading: Navy Fed Used Car Rates

Navy Federal's markup on the exchange rate is over 5% compared to 0% with money transfer services like Wise. This means you'll pay more for your transfer.

Their international transfer fees are $25, which is more expensive than money transfer services that charge a small fee for your transfer. Online money transfer providers like Wise, Revolut, and Instarem all make exchanges using the mid-market rate.

Here's a comparison of Navy Federal's fees and rates to international money transfer providers:

As you can see, Navy Federal's fees and rates are not the most competitive.

Navy Federal Credit Union is a popular choice for international transfers, but it's essential to understand the fees and exchange rates involved.

Sending fees with Navy Federal Credit Union are $25.00, which is a significant cost compared to other international money transfer providers.

The exchange markup with Navy Federal Credit Union is 3-5%, which is higher than what you'd find with online money transfer providers like Wise, Revolut, and Instarem.

Check this out: Does Navy Federal Reimburse Atm Fees

Transfer times with Navy Federal Credit Union can take 5-7 working days, which is longer than the instant to 3 business day transfer times offered by some money transfer companies.

Here's a comparison of Navy Federal Credit Union's international transfer fees and exchange rates with those of money transfer companies:

It's worth noting that while Navy Federal Credit Union may be a good option for some, it's not the cheapest or most competitive choice for international transfers.