ATMs and credit cards have made it easier for us to withdraw and exchange money whenever we go to trips abroad and it is also quite safe compared through other means. Although this may be true most of the time, it is still a possible to find ourselves stuck in a country where our plastic cards are not being accepted by the machine we are transacting with.
This may seem like bad news but fortunately, there are American banks that have started issuing credit cards that are now more accepted widely around the globe. Below are some tips on how you can manage your money and cards abroad.
Check for Foreign Transaction Fees
This is one of the things that you should consider as this can be very frustrating if it catches you off guard. Find out whether the issuer of your credit card charges you for every foreign transaction that you make. This is usually between 1% to 3% of the purchase and an additional 1% MasterCard or Visa fee in which the banks will be sending towards the customers they have. There have been some companies who have gotten rid of this feature as the government has started to require the card issuers to put a stop on these fees.
There are many finance websites in mobile broadband which provides a list of credit cards that do not charge their clients with transaction fees. One of the best credit card issuers out there that is a good example of this is from Capital One, which has started this trend a long time ago before other banks gotten into it.
Yet there are many of the credit cards being used by travelers that still impose this charge such as the American Express Delta SkyMiles card for frequent flier miles. There are also those that do not have big fees annually such as the Chase British Airways Visa which ranks at $95 per year. This type of annual fee is not really worth taking unless a person will be frequently traveling abroad or will be spending much using their credit card.
Find Out the Exchange Rate Beforehand
It can be daunting to think that each time you travel abroad, you find an ATM in the airport and then get stuck when the machine asks you how much money in the country you are looking to withdraw. This is not easy to ponder if you have no idea about the exchange rate. You cannot just tell the machine to give you an equivalent of the dollar amount you have in mind.
To save yourself from the hassle of panicking in an airport abroad, visit currency conversion websites in the Internet or learn about the exchange rate before the trip. Have it written down including the calculation of the amount you wish to withdraw before landing.
It is also recommended for travelers to check out the section about money in a guidebook of the country to see if there are any financial quirks going on. One example is that of many ATMs in Japan that do not accept foreign bank cards while those that do accept are only rare.
Go for a Credit Card That Has a Chip
There are many American credit cards toady that have outdated magnetic stripes, and a lot of people find out when they start using them from places around the world. Nowadays, these are no longer accepted as cards are shifting from those that have a smart chip instead. Although there are many merchants in Europe and Asia who accept vintage plastic swipe cards, there are many automated kiosks which no longer allow this and can be a problem when trying to travel through train subways and stations.
Stephen Will X Kim is connected with top of the line technology companies for over 12 years. He is an expert on finding and assessing the latest trend in broadband and mobile broadband to keep readers updated with what's hot and what's antiquated. Boosting your internet connection at home is something that can be done without calling in a professional. To learn more about high speed internet, see the Broadband Expert
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