How to turn off this new Uber feature so you aren't overcharged
Even if you're well educated on foreign transaction fees and how to avoid them with a no-foreign-transaction-fee credit card when you travel abroad, a sneaky new Uber feature may thwart your fee-free international spending strategy.
Uber is rolling out Preferred Currency Pricing in select locations, including the U.S., Canada, the United Kingdom and the European Union, news that came to our attention after one member of the TPG team received an account update email from Uber.
Beginning Feb. 27, Uber will charge residents in these areas a 1.5% currency conversion fee if they choose to pay in their preferred currency instead of the local currency when they request a ride abroad.
The preferred currency setting is intended to help riders know how much they pay when they travel internationally by displaying prices in their home currency, rather than the local currency. This can also help alleviate conversion fees charged by some banks and credit card issuers, which can exceed the 1.5% rate charged by Uber.
Related: Tips to save on overseas ATM withdrawals
Of course, if you pay with a card that doesn't charge foreign transaction fees, you're essentially giving Uber an extra 1.5% when you request a ride outside of your home country.
When the feature rolls out, Uber will automatically assign your home currency as your preferred currency — but you can opt out to avoid this surcharge.
To opt out, open your Uber app and click "Account." From there, go to your "Wallet" and click on "Preferred Currency." It should default to your home currency — but you can change the setting to "No preferred currency" if you prefer to pay in the local currency when you travel. By making "No preferred currency" your default, you can avoid the 1.5% surcharge.
Even if you don't change this setting before you travel, you will also see the option to opt out of paying in your preferred currency at checkout when you book a ride abroad. It's best to change this setting before your next international trip, though, so you don't forget.
While you are at it, make sure the card(s) in your Uber wallet are ones that don't charge currency conversion fees and that you keep up to date on ways to maximize perks when riding with Uber.
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The Capital One Venture X Business Card has all the Capital One Venture X Rewards Credit Card has to offer and more. It offers an incredible welcome bonus and requires an equally impressive spend to qualify. In addition, the card comes with premium travel perks like annual travel credit. (Partner offer)Pros
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- In addition, the card comes with many premium travel perks such as an annual $300 credit for bookings through Capital One Business Travel.
- Business owners are also able to add employee cards for free.
Cons
- The card requires significant spending to earn the welcome offer.
- Another drawback is that the annual travel credit can only be used on bookings made through Capital One Business Travel.
- LIMITED-TIME OFFER: Earn up to 400K bonus miles: 200K miles when you spend $30K in the first 3 months, and an additional 200k miles when you spend $150k in the first 6 months
- Earn unlimited 2X miles on every purchase, everywhere—with no limits or category restrictions
- Earn 10X miles on hotels and rental cars and 5X miles on flights and vacation rentals booked through Capital One Business Travel
- With no preset spending limit, enjoy big purchasing power that adapts so you can spend more and earn more rewards
- Empower your teams to make business purchases while earning rewards on their transactions, with free employee and virtual cards. Plus, automatically sync your transaction data with your accounting software and pay your vendors with ease
- Redeem your miles on flights, hotels and more. Plus, transfer your miles to any of the 15+ travel loyalty programs
- Every year, you'll get 10,000 bonus miles after your account anniversary date. Plus, receive an annual $300 credit for bookings made through Capital One Business Travel
- Receive up to a $120 credit for Global Entry or TSA PreCheck®. Enjoy access to 1,300+ airport lounges worldwide, including Capital One Lounge locations and Priority Pass™ lounges, after enrollment
- Enjoy a $100 experience credit and other premium benefits with every hotel and vacation rental booked from the Premier Collection
- This is a pay-in-full card, so your balance is due in full every month