How to Avoid Bank Fees Pay when traveling
banking abroad is set in an ATM more than just your card. When you travel abroad, Overseas Banking includes three things to know: how to avoid paying bank charges, how to eliminate foreign transaction fees, and how to get a good exchange rate. I know too many people who travel abroad and to pay ATM fees and receive credit card transaction fees taken. There is no need for that. They do not save as much money to give it to the bank, right? I know I did not. I want to keep everything for me because each avoided fee is more money for food, drinks and activities.
Three years ago (to the day), I have written on this subject, but since banking rules are constantly changing, I thought it was time to update the products to more current and detailed information available to put. Here's how you can eliminate all bank charges when you travel:
First ATM fees eliminate
ATM fees can really add up. Let's think about it: While you are on the road, you will probably withdraw money from an ATM twice a week. Fees vary around the world, but you will pay an average of USD $ 5 per withdrawal at the end. That's $ 10 per week, $ 40 per month or $ 520 per year. Even if you only use the ATM half the time, that's still $ 260 USD per year. Most travelers I know go to the ATM, even more than twice a week, pay only the amount of fees increases. Why do the banks need money for the trip? They have a lot of work that to save your money - you do not waste it by giving to a bank. Here are four ways to eliminate fees:
First, choose a bank in the Global ATM network. This is a network of major banks that have come together and adopt fees and free ATM withdrawals. , While they have the highest fees (USD $ 5 per withdrawal) for banks outside their network, use by partners ATM, you can avoid ATM fees
The following is a list of major banks in this alliance:
- Bank of America (USA)
- Barclays (England, Wales, Spain, Portugal, Gibraltar and certain countries in Africa)
- BNP Paribas (France, Ukraine)
- China Construction Bank (China, Bank of America card holders only)
- German bank (Germany, Poland, Czech Republic, Spain, Portugal and Italy)
- Banca Nazionale del Lavoro (Italy)
- Santander Serfin (Mexico, Bank of America card holders only)
- Scotiabank (Canada, the Caribbean, Peru, Chile and Mexico)
- Westpac (Australia, New Zealand, Fiji, Vanuatu, Cook Islands, Samoa, Tonga, Papua New Guinea and the Solomon Islands)
- ABSA (South Africa)
- UkrSibbank (Ukraine)
Look, your bank to check it on certain service areas. There are some exceptions, that is, if you are using your Barclays card in one country, it can not order a fee, but in another, it may be. Check, double, before you go! Note: Bank of America charges a 3% foreign transaction fee on all withdrawals not in USD, although in Mexico you can Santander to avoid
Second, the fee when you. US residents are the best bank to use, Charles Schwab. Why? Charles Schwab has no fees and reimbursed all your ATM fees at the end of each month. You need to open a high-yield account in order to qualify the examination, but there is no minimum deposit required and no monthly service fee. Your ATM card can be used all over the world at any bank machine, and you will never pay a fee. This is my primary bank card. As always, I have all ATM fees avoided. It has saved me hundreds per year.
Third, a small fee card. I use HSBC as my support because HSBC only ATMs around the world and Fees USD $ 2.50 per ATM transaction if you use a non-HSBC ATM. While it is not as good as zero, it is still better than what many other banks charge. In addition, Capital One is no withdrawal fee, but you must pay to all of the local bank charges.
Finally, ask your bank or credit union. ATM fees has not been charged become a widespread practice in recent years, so make sure that your bank to ask. For non-US citizens, like me these two cards:
Citibank Australia
Norwich & Peterborough Building Society (UK residents)
MORE: If you look , for other ways to cut wasteful spending on the way to visit this collection all of my best tips for more cash savings.
Secondly, credit card fees
, the next main avoid fee that we have to get rid of the credit card foreign transaction fee. Change Most credit to made a charge of 3% on purchases abroad. That can add up, because most of us carry everything our credit card. It has become much more common for credit cards, to waive the fee, because if you use your card abroad a lot, you probably all use a lot. My favorite any overseas transaction fee cards are the Chase Sapphire Preferred, Starwood American Express, Barclay Arrival Plus, Capital One and Citi Premier.
If you use this card abroad, you will not be more than 3% pay and save'll a lot of money! For non-US citizens, check the following sites list the cards could not provide a foreign fee charged:
finder.com.au (Australia)
uk.creditcards.com (UK )
rewards Canada (Canada)
For UK citizens, check out this no-overseas fee map: post Office credit card UK
by one or two of the proposed ATM cards and the above credit cards, you have all bank charges eliminated while you are abroad. Not bad, right?
But you're not done yet? There are other "hidden" bank charges banks you must avoid:
Minimize
when you use your card abroad the exchange rate "Penalty" Each time your bank coverts the transaction in your for billing purposes, local currency and takes a little off the top for it. So is the official rate you see online is not what you actually get. This is the interbank rate, and if you are a big bank, you are not, that the rate get going. All we can do is as close as we get at this price. wherein to avoid the real loser end of the conversion, follow these tips:
an ATM Use - ATMs offer the best exchange rate for credit cards. They are not as good as credit cards, as the commercial banks take a little more from the top, but it is much better to talk than cash. Money exchange offices that offer worst odds because they are in the food chain so far down, they can not get the best exchange rate (plus, they usually require a commission as well).
not use ATMs in odd places - with these ATMs are located in hotels, hostels, local 7-11s or another anywhere is a bad idea. They are comfortable, but you will pay for this convenience. They always demand high ATM fees and offer terrible conversion rates. Skip these ATMs and a large bank.
not change money at airports
Most bureaux de change in airports are so far down the financial food chain they do not have the clout to offer good exchange rates. The prices, which are placed on the airports the worst - never, ever use it is an exchange office, if you absolutely have to. Another tip: Avoid at all costs with the company Travelex - they have the worst rates and fees. Never, never use. Avoid their ATMs!
always
If you are using the local currency pick your credit card abroad, the opportunity will often be given (that are loaded in your home currency is calculated instead of being in Euro, they will give you put in US dollars) in account. Never say yes. The speed at which it is to convert the currency always worse than the rate your bank will give you. Select the local currency and let your credit card company to make the conversion. You will get a better price.
Bank fees can add up over the course of a long journey to some serious money. If you want to save money, you need to be proactive when it comes to banking and currency conversions. I see too many travelers, the ATM visit all the time, without paying at the current exchange rates. You are on the losing end of the stick in this way. Be smart and intelligent banking. The tips in this article you do not have to pay additional fees to the banks. I did not pay a bank fee, while travel the world in more than five years, and you should not either.
And with these simple tips, you will never again.
THINK you're done? BARELY. THERE'S MORE IMPORTANT BANK SMART TRAVEL TIPS TO LEARN:
-> As the travel credit card to pick for your trip
-> How to save money while you're traveling
-> 12 things you should not do when you travel
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