more than just using your card at an ATM or using Point of Sale. So, when you
travel abroad and you want to perform any transaction, you must know how to
avoid paying bank fees, eliminate foreign transaction charges, and get a good
exchange rate. If you do not, you will discover that your bank will have a field
day deducting fees for banking transactions.
when you travel abroad.
Eliminate ATM fees
ATM fees can really
add up because while travelling, you will probably withdraw money from an ATM.
Of course, you already know that ATM fees vary around the world. With this at
the back of your mind, you should get a bank in the Global ATM Network. This is
a network of large banks that have removed fees and allow for free ATM
withdrawals.
Don’t use ATMs in weird locations
Using ATMs you
find at random places is not really a good idea. They may be convenient but they
always charge high ATM fees and their exchange rates are high. Avoid such ATMs
and find a major bank to get cash.
Never change money at airports
Most exchange bureaus in airports do not offer good exchange rates. The
rates at airports are usually unfavourable. As such, do not change your money at
the airport except you have to.
Exchange with other
travellers
If you end up with extra local currency at the end of your
trip, consider selling it to another traveller. You will probably get a better
rate and you can avoid all bank and conversion fees.
Download the XE
app on your phone
It’s always best to know the exchange rate for the
country you are travelling to. The XE Currency App is perfect for this purpose
as the app automatically updates every day with the exact exchange rate.
