We consider accurate full‐wave solutions of plasmonic problems using the multilevel fast multipole algorithm (MLFMA). Metallic structures at optical frequencies are modeled by using the Lorentz‐Drude model, formulated with surface integral equations, and analyzed iteratively via MLFMA. Among alternative choices, the electric and magnetic current combined‐field integral equation (JMCFIE) and the combined tangential formulation (CTF), which are popular integral‐equation formulations for penetrable objects, are discretized with the conventional Rao‐Wilton‐Glisson functions and used to model plasmonic structures. We discuss electromagnetic interactions in plasmonic media and show how far‐field interactions may be omitted for improving the efficiency without sacrificing the accuracy of results. © 2016 Wiley Periodicals, Inc. Int J RF and Microwave CAE 26:335–341, 2016.