Posted by forex at 1:34 AM
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1. Check the current exchange rates before you leave. Knowing the exchange rate can help you plan your trip budget, potentially avoiding unnecessary exchange fees that occur when charging more on your credit card than anticipated or needing to make more frequent trips to the ATM.
2. Go to a bank when exchanging cash. According to Travel Hack, banks offer the best exchange rates while airports and hotels charge the highest fees.
3. Check your credit card agreement. It is common for credit card companies to charge a 3 or 4 percent transaction fee when you use your card abroad. If your card charges such a fee, avoid using it as much as possible while traveling.
4. Verify that merchants abroad have not taken the liberty of converting your purchase into your local currency before charging it to your credit or debit card. These merchants usually charge very high exchange rates that are even higher than those your bank would charge you.
5. Use your ATM card sparingly if you can't find in-network ATMs abroad. Some banks, such as Bank of America, have a global ATM network. Other banks will charge you out-of-network fees as well as conversion fees. Look up the locations of in-network ATMs before you leave so you know where to find them in the locations you will be visiting.