Question 1

What is a foreign transaction fee?

Accepted Answer

A foreign transaction fee is a charge (typically 1-3%) applied when you make purchases in foreign currencies or with international merchants. Some banks and credit cards offer no foreign transaction fees.

Question 2

Do checking accounts earn interest?

Accepted Answer

Some checking accounts earn interest, called interest-bearing checking accounts. However, rates are typically lower than savings accounts. Many standard checking accounts don't pay interest at all.

Question 3

What is currency exchange rate?

Accepted Answer

The exchange rate is the value of one currency in terms of another. Banks add a markup (1-3%) to the mid-market rate when converting currencies. Rates fluctuate constantly based on economic factors.

Question 4

What is two-factor authentication in banking?

Accepted Answer

Two-factor authentication (2FA) adds an extra security layer requiring two forms of verification: something you know (password) and something you have (phone code, fingerprint). It significantly reduces unauthorized access risk.

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Frequently Asked Questions

What is a foreign transaction fee?

Do checking accounts earn interest?

What is currency exchange rate?

What is two-factor authentication in banking?

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