If you're fortunate enough to travel overseas, first check with your credit card company about any daily fees and what their policy is on the Monetary Exchange Rate. (Ex.: Some friends recently used their credit card overseas for their card's "reward" program. Upon returning home their bills started coming in, they realized for each credit card transaction overseas there was an extra fee. PLUS the monetary exchange rate varied from day to day. It might be easier to carry Traveler's Cheques and do the currency conversion upon entering each country, thereby avoiding the fees and the fluctuating exchange rate.
By Terri from NV
Also, make sure that you let your credit card company know that you are traveling so they allow charges from the different countries (or even different states!). Nothing is more aggravating that to try to buy something on vacation and have the charge denies because your company is protecting you!
I have always been under the impression that it is better to use a credit card in another country because you will always get the best exchange rate.
That's a great idea to let your credit card companies and bank (for ATM/debit cards) know if travelling overseas.
Best advice I ever received is to get a Capital One CC.
No conversion fees, no nothing! All the rest charge
in varying degrees.
That also goes for your debit card as well. Our son just came back from South Korea and he was charged .25 here and there and it does add up.
I have to disaqree with your advice to get traveller's cheques. I used these on my first overseas trip, and they were more trouble than they were worth, with some places flatly refusing to exchange them without proof of purchase, which I had of course, left at home. And don't get me started on the bank queues, the lower exchange rates and the fees involved on each end. My last trip overseas consisted solely of two withdrawals of a few hundred dollars each on my ATM card (just look for the Cirrus logo). The bank gave me the current daily exchange rate (higher than quoted at local exchange shops) and only cost me $4 for each withdrawal. I will never use traveller's cheques ever again.
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