Do you often conduct foreign transactions? Have you been avoiding them due to the high fees involved?
If you live or travel abroad and use your card, you may be subject to credit card fees. These charges apply when you make purchases in another country and are often quite costly. They can add as much as 4% to the price of your purchase.
Wondering what you can do to keep away from them? Have no fear, we’re here to help you out.
Here are our top tips on how to avoid foreign transaction fees when making your purchases abroad. Let’s get started!
Pay With Local Currency
If you’re traveling abroad, one way to avoid foreign transaction fees is to pay with your local currency. This way, you won’t be charged a fee for converting your money.
When you’re paying with your local currency, assure to use a card that doesn’t charge overseas fees. With most cards, you’ll be charged from 1% to 3% of the transaction.
Use a Card That Doesnt Charge Foreign Fees
If you don’t want to pay foreign transaction fees, use a credit card that doesn’t charge them. When selecting, always look out for those that don’t have credit card charges when shopping abroad.
While these cards are not as common as ones that do charge normal foreign fees, they are out there and can provide significant savings if you often find yourself making purchases in other countries.
To do this, you can search online or ask your bank or credit card company if they offer such a card. If you frequently travel abroad or make purchases in foreign currency, using an international credit card no fees can help you save money.
Use a Travel-Friendly Debit Card
Another way to do this is to use a travel-friendly debit card. These cards have no international fees, so you can use them for all of your purchases without having to worry about suffering any extra charges.
Plus, many debit cards offer other benefits, such as free ATM withdrawals and travel insurance. To find the best handy debit card for your needs, compare different cards and their features to see which one is right for you.
Avoid Using ATMs
When using an ATM, make sure to use one that is in a major city, as these will have lower fees. Also, be certain to check with your bank to see if they have any partner banks in the country you are visiting.
If they do, you may be able to withdraw money from their ATMs without being charged a fee.
Learn How to Avoid Foreign Transaction Fees Today
If you’re looking to hold back from foreign transaction fees when traveling abroad, there are a few things you can do. Firstly, make sure to use a credit card that doesn’t charge international charges. Secondly, you can look for banks that don’t impose them.
Finally, you can always opt to use a prepaid travel card which can help you avoid them altogether. By following these tips on how to avoid foreign transaction fees, you’re sure to have hassle-free shopping on your next trip abroad.
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