7 Ways To Avoid Overseas Transaction Fees While Traveling

We start our journey in 2004 in Vilnius, Lithuania, and are the first accredited electronic money institution in Lithuania, with 300 people working in 15 different cities around the world. With over a million app installs and growing, our goal is to push the boundaries and become a leading super app providing financial and lifestyle services around the world. With that, you should have a basic idea of how foreign exchange works and why it’s important.

Ideally, if you’re in a country other than the euro for more than a few hours, buy some local currency instead. Traveler’s checks are not always the best solution, as they can be easily lost or stolen. You should also find a company that accepts them, or take the time to turn 꽁나라 them into a bank. On the other hand, traveler’s checks save you transaction fees abroad. Private money exchange companies or bureaux de change often compete with each other to provide the best exchange rate, so you have a good chance of finding a higher exchange rate.

Authentic and advanced online marketplaces also offer a price lock feature that you’ll see for a selected time period. So if you’re wondering how to avoid currency conversion fees, the most cost-effective way is to make sure your conversion happens at the ideal time. There are online exchange rate calculators and many articles to help with that. You may be able to set up a travel advisory for your bank to check your accounts for fraudulent activity when you travel. When travel monitoring is active, debit and credit cards are examined for high-risk transactions.

If you plan to go abroad soon, you should have access to foreign currency. While you can make all your purchases with a credit or debit card, you run the risk of wasting too much money on foreign transaction fees. If you’re on a mission to save money, here are the cheapest ways to buy foreign currency.

While it’s not bad for once, and the exchange rate of credit card money is usually very competitive, it will really sting if you use it continuously. You can prevent this by using your credit card currency (i.e. NZD, instead of euros, yen, dollars, etc.). With a multi-currency account, you can hold some money in multiple currencies. Useful if, for example, you regularly travel to Canada or Mexico, or if you like to go on holiday to Spain every summer. This will help you avoid the volatility of exchange rates, as you will always have some money ready for your next trip. To avoid these sneaky foreign transaction fees, read the fine print on your bank or credit card’s website before you travel.

Subconsciously, you exchange money, at a lousy price, every time you buy something with dollars. Before you book your trip, make sure your credit or debit cards offer travel-related benefits that can save you money or make your trip easier. For example, many offer assistance booking hotels and restaurants, free WiFi access on eligible flights, and even discounts on certain types of accommodation and transportation. Read the terms of your card benefits or call your providers for more information. It is best to check the exchange rate as soon as you know you are traveling.

So, to make sure you get the best value for your money transfers, have these five tips on hand and save on your strange currency exchange. Avoid all costs and, depending on the other person, you can probably make the switch to the current exchange rates without any profit margin. You can post your foreign currency exchange instructions with our 24-hour currency exchange service via online or mobile banking. Small fees, such as cash withdrawals and currency exchange transaction fees, can really add up when you spend money abroad.