Banking abroad is 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. In line with this, here are ways you can reduce bank charges 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.
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