Tips for Avoiding Hefty Bank Fees When Traveling

Tips for Avoiding Hefty Bank Fees When Traveling

Banking overseas entails more than putting a card into the ATM and accessing your money. Many people are slapped with hefty fees for credit card transactions after using ATMs abroad. Clearly, no traveler wants this. That’s why you should follow these tips to avoid hefty bank fees when traveling.

Eliminate ATM Fees

ATM fees vary from one country to another and one firm to another. However, ATM fees will add up to a significant amount when you use your card to withdraw money abroad. And, there is no reason to give banks the money that you need to travel. That’s why you should consider accessing your money through the Global ATM Network. This network comprises of banks that have waived their fees. They allow travelers to withdraw money via ATMs free of charge.

Avoid Credit Card Fees

Credit card transaction fee is another expense that you should avoid when traveling. In most cases, you will be charged a purchase fee of 3% when shopping overseas. This will also add up to a significant amount if you use your credit card for all purchases. To avoid credit card fees, use credit cards that have waived this fee.

Minimize Exchange Rate Penalty

Whenever you use a credit card overseas, the bank converts your transaction into the local currency for purposes of billing. It also takes a little amount for providing this service. As such, the official exchange rate that you see online may not be what you end up getting. To avoid giving the bank your money for this, use a credit card from a company that provides the best exchange rate.

You can also use ATMs. After credit cards, ATMs provide better exchange rates. On the other hand, money exchange bureaus have the worst rates. That’s because they also charge commissions.

Nevertheless, follow these tips and you will avoid hefty bank fees whenever you travel abroad.

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