Travelling can be a fun and a rewarding experience. One thing that could ruin the experience is inadequate planning for how you’ll be handling your finances. While using your debit or credit card while travelling can be convenient, it may come with high banking fees.
There are ways to avoid high banking fees when travelling. Here’s what you can do:
Avoid using your regular bank card. Rather opt for a credit card. Not only is it a safer option, but you can also earn rewards in the process.
Refrain from travelling with mass quantities of cash. Travelling with a lot of cash is not only dangerous, but it could also result in being charged high banking fees, especially when withdrawing.
Keep in mind that international ATM withdrawals can incur high charges -all the more reason to opt for using a credit card or internet banking.
Keep money in a global bank that has international locations.
Most credit cards that are specifically crafted for travellers will waive the foreign transaction fee entirely. Make sure that you do your research before travelling so that you can apply for travel cards that don’t included high banking fees.
Make sure that you do your research before exchanging your money for foreign currency.
It may make sense to open a separate account that has lower or no fees.
Only use a credit cash advance if you are able to pay the balance off in full right away. If not, you’ll be stuck with hefty fees to pay.
Read the fine print carefully so that you can avoid having to pay high banking fees when travelling.
If you want to avoid high banking fees when travelling, opt for using a prepaid travel card. This is a prepaid travel card which can be loaded with up to four currencies. It can be used at merchants and ATMs worldwide that display the MasterCard Acceptance Mark.