How to Avoid Extra Fees on Credit Cards for International Charges
When traveling overseas, it is a good idea to carry several different forms of currency on you. This not only means cash, but credit and debit cards also. Plastic forms of payment may be the best way to travel with money, because if you lose your card you can contact the bank or credit card company and have them close out the card. However, using a credit card in other countries can often bring about large fees. Although these aren't always avoidable, you can reduce the amount of fees.
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Instructions
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Contact the credit card company and mention when and where you are traveling. This not only may save you some small fees but it is going to prevent the company from freezing the account. If you don't contact the company and your card is seen being used in a different country, the company freezes your account, preventing you from using it.
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Use the card only where you see it is accepted. Visa is most commonly used around the world so it is going to be accepted in more places. You should probably avoid using an American Express card because fewer countries accept it and you can be hit with larger fees.
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Avoid asking for a cash advance. In the United States these have large percentage fees and it is only going to increase while traveling abroad.
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Look into the interest rates and fees before you travel. Typically, the fees are going to be smaller in countries throughout Asia and Africa than what it is going to be in Europe. In fact, you may not see any additional fees in some Asian countries, while Europe can hit you with extremely high charges for using the card.
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Tips & Warnings
Although the fee for withdrawing money is going to vary from bank to bank, it is usually going to be around $5. Also, depending on what country you are visiting, there may be an ATM fee. European countries are going to charge you a larger ATM fee (a few dollars) while some ATMS in Asia won't have any fees. The exchange rate is going to be displayed outside of the bank if using an ATM outside of a bank. Most banks are going to give you the best exchange rate. These exchange rates are going to figure automatically when you withdraw money.
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Comments
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moneysaga
Dec 07, 2009
good post, had been charged with many types of fee from banks.
