Traveling overseas this year? Switching from dollars to a foreign currency can be confusing and also costly, if you don’t plan ahead. Kiplinger’s offers some tips for avoiding unnecessary fees and getting the most for your money on your next trip abroad.
- Bring a credit card to get the best exchange rates; if possible, use a card that has an embedded chip, as many foreign countries require them to use automated machines at train stations and gas stations.
- If a merchant offers to let you pay in U.S. dollars, opt for the local currency to avoid having a “dynamic currency conversion” fee added to your purchase.
- If you want to have cash on hand during your trip, wait until arriving at your destination to visit an ATM and avoid currency exchange fees; however, be aware that some banks will charge withdrawal fees when using an out-of-network ATM.
- Use your bank card to withdraw cash at an ATM rather than a credit card; most credit cards will consider an ATM withdrawal a cash advance and charge interest.
- Prior to a trip, notify customer service of the dates you’ll be traveling and the countries you plan to visit.
- Capitol Federal does not charge any additional fees for currency conversion when using a True Blue Direct Debit Card. We only pass through the one percent fee from Visa®.
- Capitol Federal will begin issuing cards with the newer chip technology in late 2015.
- When using an ATM, be aware of your surroundings and don’t rely upon any local “good Samaritan” to assist you, or you may find yourself the victim of fraudulent transactions.
Do you have additional tips for keeping your money safe while traveling abroad Share them here!