Finances are always a big issue when we talk about travelling and wanting to see different places. That’s why a lot of people choose to take their credit cards with them when they travel abroad. It’s convenient, and you don’t have to worry about running out of money.
More often than not, your bank offers a withdrawal service when you’re abroad. But the catch is that you will need to pay to access your own money.
So, for example, you need to withdraw $150, you will need to pay a $15 fee to the bank. It’s the same when you need to exchange currency. You will also be expected to pay for trading currency.
Here are a few ways to avoid those pesky fees so you can enjoy your holiday without worry.
When need to make a withdrawal, you will have two options: without currency conversion, and with currency conversion.
Without conversion means that your bank back home will do the conversion for you and offers a reasonable exchange rate.
Whereas, with currency conversion, the bank in the country you’re visiting will do the conversion for you, and will charge you a 10 percent service fee.
So, the next time you step up to an ATM in a foreign country, remember to choose the without currency conversion option.
At home, it is easy to find an ATM affiliated with our bank and make a withdrawal without a service charge. If your bank is local, expect there to be zero ATMs on your destination. But luckily, banks have a network to help offer their patrons better services.
Before leaving your country, do your research and check what banks in your destination are affiliated with yours, and check to see if they can provide a free ATM service when abroad.
Credit Card Currency
Travelling often means a lot of exploring. After all, you’re only there for a while before you need to return home, might as well enjoy yourself.
Credit cards offer you the freedom to go just about anywhere. There is a chance that you will encounter shops that will charge your credit card the amount due plus a fee.
Before swiping your card, the cashier will sometimes ask you, “would you like to pay in (your country’s currency) or (current country’s currency)?” The question is a lot like the one from the ATM; you must choose to pay in the local currency to avoid a headache.
Pay in cash
Nothing beats the classic. If you want to avoid the hassle of computing exchange rates and worrying about bank fees abroad, then have some of the local currency before you arrive at the destination. You can have your bank or use a local money exchange to trade your money to your destination’s currency.
This way, you already have the money in your wallet, and it can even help prevent you from overspending while you’re on your trip. It’s friendly on your wallet and your savings. You can then reserve your credit card for emergency use.
You’ve spent a long time saving the money you are about to use for your trip. It only makes sense for you to ensure that you are making the most of it. Be smart on your next trip abroad, so you just have to worry about where to go next and what to bring home.
And as you’re planning your vacation, remember to make Alpha Airport Parking part of it. Park your car with us and enjoy our free shuttle service to make your flight on time and ensure your car’s safety upon your return.