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Ways of Avoiding Foreign Transaction Fees

People like spending each time they embark on a travel and its always fun. Also, learning ways to avoid Foreign transaction fees while traveling is a necessity. Getting to purchase all that you had longed for makes it more exciting. For instance, if you can save on a foreign transaction fee, you may have saved nothing less than 1 to 3% on your international trips. Here are a few ways of skipping foreign transaction fees and international ATM fees.

Avoiding Foreign Transaction Fees

Get a bank credit card that does not charge foreign fees

When on your trip, you might get stuck with a foreign transaction fee for using your debit card. These fees can add up so fast, especially, if you travel abroad regularly. Then, there is a need to open an account with a bank that does not penalize nor charge on spending or making cash withdrawal overseas.

Avoid using Foreign ATMs

Traveling with the cash you need for your trip is the best, to avoid paying additional charges like as foreign transaction fees. If you know that your bank or credit union do not charge a fee for each transaction make outside of their own ATM. With this in mind, it is better to get your cash ready for your trip or buy foreign currency before leaving town to avoid using any foreign ATM.

Get a card without a foreign Transaction Fee

If you do not like paying foreign transaction fees and do not want to get a credit card without charges when you’re abroad. A lot of credit card issuer offers these services, such as Chase, Capital One, and Discover with many others. Credit card that do not charge on foreign transaction fees can save you a lot of money even if you’re not traveling. Before you apply for a credit card, you must think about it how it affects your credit score. If the merchant that processes your transaction is based in abroad, You can be charged for foreign transaction fee while you’re shopping domestically.

Find out if your bank has a Foreign Partner

If you do not appreciate carrying cash about, find out from your bank concerning Alliance ATM with any financial institutions in the country you’re traveling to. For example, if your banking with Bank of America, you won’t have to pay a fee for making a withdrawal from Deutsche Bank ATM in Germany and Spain.

Exchange Currency Before Traveling

Another easy way to avoid foreign transaction fee is by exchanging currency before leaving your country. Create a budget for your trip, estimate how much you need and plan accordingly. Your bank or credit union may sell you foreign currency without you paying any additional fee. This is a good option to get access to foreign funds and get a decent exchange rate.

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