How To Avoid Uber Foreign Currency Conversion Fee

Uber is back at it again, trying to backdoor their way deeper into our pockets. This time the Uber foreign currency conversion fee is the newest landmine you need to dodge. To be honest, I wouldn't even use Uber any more if it were not for the Amex Platinum and Gold credits. I have been finding their prices are often higher than taxis in major cities these days. Luckily, there is a way to opt out of this conversion fee, and get a better deal overall in a local currency. This program fully kicks off February 27, 2025. Let's get into it!

What Is Happening?

What is the Uber foreign currency conversion fee anyway? It was a “genius” idea to try to help people understand how much things cost while overseas. To do that they instituted this program to charge everything you bill to your Uber account in your home currency. Sounds kind of nice, but we are smarter than that. We know it is always best to bill things in local currency. That is because a chunk of your money always gets “lost in translation” when doing it any other way.

Uber claims there will be no markup in the exchange rate, but that doesn't mean they have to use the best valuation to do that. Even if they did, they will still charge you the 1.5% Uber foreign currency conversion fee. That is an added cost you don't need to take on, and shouldn't. Let your bank credit card do the heavy lifting here and convert it for free for you. As long as you have a credit card with no foreign transaction fees at least (which we should all have).

How To Avoid This Cost Increase

Luckily, there is a way to opt out of this new currency conversion fee. I am sure Uber would rather you not, and they likely had to offer an opt out, but they are really hoping you don't notice. Here is how you shut off the Uber foreign currency conversion fee:

Step 1 For Avoiding Uber's New Fee – The Wallet

First up you will want to go to Wallet (top center) which is in the Account section (lower right).

Step 2 For Avoiding Uber's New Fee – Preferred Currency

Once you are in the Wallet section you will want to scroll down past your credit cards. Right under that is the Preferred Currency section. This is where you pick which currency you are billed in.

Step 3 For Avoiding Uber's New Fee – No Preferred Currency

Once you select Preferred Currency you will end up on this screen. It will automatically be selected to your home currency (US for most here). You will just want to go to the bottom and select No Preferred Currency. This should then default to whatever the local currency is when you use Uber overseas.

Is There A Slight Silver Lining?

We had wondered if this would at least make credits and Uber gift cards usable overseas. It makes sense since they would could be billed in your home currency now. Here is what Uber had to say about that:

Are there any restrictions on payment types?

Preferred currency pricing is currently unavailable with Uber Cash and business profiles…

That is a nope on a rope. The one okay thing that could have come with this and they were like, nah. Let's just rip them off with no benefit instead.

How To Avoid Uber Foreign Currency Conversion Fee: ToP Thoughts

Even though this is an annoying way for Uber to extract more money for us, it is at least easy to turn of the currency conversion fee. It would be nice if companies would automatically opt you out for predatory things, but that isn't how greedy business works. Make sure you make the switch on the Uber app now so you don't forget. If you ever notice US dollars (etc.) while overseas then you know something went wrong and you need to do it again.

Let me know if you were able to avoid the Uber foreign currency conversion fee over in the ToP Facebook Group.