How to Avoid Paying Bank Fees While Traveling
There is more to banking overseas than just inserting your credit in an ATM. When you move to another country, there three things you need to take into account. The first thing you need to know is how to avoid paying any fees associated with the bank, how to get rid of foreign transaction charges and getting the best good exchange. However, many people still travel abroad and pay for banking fees with their credit cards, while there is no need for that. There is no need to save all that money only to end up spending it on the banks.
Get rid of the ATM fees
The first thing you need to is to get rid of all the ATM fees. While on the trip, you will need to withdraw money from an ATM at least two times a week. Different places have different charges, though, but you will end up paying around $5 per transaction. This translates to $10 per week and around $40. Mind you, there are still many travelers who still go to the ATM more than twice, and this, in turn, adds the fees. So why would you want to give all that money to the banks?
Here is how to avoid paying extra fees on ATM:
Use an ATM
The best thing about ATM exchange rate after credit cards. However, they are not as reliable as credit cards once commercial banks started to take advantage of them, but it is way better than exchanging money. Money bureaus are the worst when it comes to exchanging cash because they are at the bottom of the food chain. They do not have the best rate at all. Also, they will take some percentage as commission.
Do not use your ATM in funny place
Avoid using ATMs you see in local hostels, hotels or other locations you have not even seen. Even though they appear convenient, you will end up paying for the convenience. Their ATM fees are very high, and their conversion rate is unpleasant. Therefore, make sure you avoid such places as much as you can.
Never change your money at airports
Many money exchange centers found in airports are found down at the bottom of the money food chain, so they do not have the ability to give you better rates. Do not be lured by the rates you see at the airport. Therefore, you should try as much as possible not to use them, not unless circumstances for you too. Also, you should never use the company Travelex whatsoever. Their fees and rates are the worst. You should also avoid their ATMs.
Always go with the local currency
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When you use your card in another country, they will always ask if you want to be charged in local currency or dollars and euros. You should never agree to that! The rate at which the currency is being converted is not good either. Choose the local currency and leave it to your credit card firm to do the conversion for you.
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