No one likes paying bank fees, but when you’re traveling, they can really add up. Here are a few tips for avoiding them as much as possible.
Eliminate ATM Fees
When you travel, you may find yourself in a situation where you need to get cash from an ATM. However, if you use your home bank’s ATM, you may be charged a fee. To avoid this, you can do one of two things. First, you can find a bank that is part of the same network as your home bank. This way, you won’t be charged a fee for using the ATM. Second, you can use a credit card that doesn’t charge a foreign transaction fee. This way, you can withdraw cash from an ATM without having to pay any fees. By doing either of these things, you can avoid paying bank fees while traveling.
Avoid Credit Card Fees
Assuming you’re not carrying a balance, the easiest way to avoid credit card fees is to find a card that doesn’t charge foreign transaction fees. You can usually find these cards by doing a quick search online. Once you have your card, make sure to use it for all of your purchases while you’re abroad. This will help you avoid any fees associated with currency conversion. If you’re unable to find a card that doesn’t charge foreign transaction fees, another option is to use a prepaid travel card. These cards can be loaded with the local currency, and they generally don’t have any hidden fees. Finally, remember that ATMs are often the best place to get local currency. However, you should be aware of any ATM fees that may apply. By following these tips, you can avoid paying costly credit card fees while traveling.
Don’t Change Money at Airports
While it’s convenient to change money at the airport, it’s also one of the worst places to do it. Airport currency exchange kiosks typically have high fees and low exchange rates, which means you’ll end up losing money in the transaction. If you need local currency, your best bet is to withdraw cash from an ATM at your destination. You’ll likely pay a small fee for the withdrawal, but it will be much lower than what you would pay at an airport currency exchange kiosk. And if you have a credit card that doesn’t charge foreign transaction fees, you can use it for purchases and get the best possible exchange rate. So before you travel, take a few minutes to plan ahead and find the best way to access local currency. It could save you a lot of money in the long run.
Always Pick the Local Currency
When travel abroad it’s always best to pick the local currency. Not only will you get a better exchange rate, but you’ll also avoid paying bank fees. Most banks charge a fee for converting foreign currency, and this can add up quickly if you’re making multiple transactions. In addition, banks will often give you a less favorable exchange rate than what you would get from a local money changer. As a result, it’s always best to pick up some local currency when you arrive at your destination. With a little planning, you can ensure that you have the cash you need without incurring any avoidable fees.