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What to Know About Money When Traveling Abroad - A Logix Video Blog

Posted by Admin on 12/17/2016

 

Got a big trip planned?  Let’s talk about how to handle your money when you’re traveling abroad.

Be sure to take at least 2 cards with you in case one is lost or stolen.

Store the customer service numbers from the back of the cards in your phone so you have them if the cards are lost.

Next, it’s like every other country has their own currency!

Whenever you’re faced with someone calculating the exchange rate between foreign currency and dollars there’s the opportunity for you to get ripped off.

The easiest thing to do is just use your credit card and let Mastercard and Visa calculate the best exchange rate for you. You also have protections from theft and fraud but typically, you’ll pay a foreign transaction fee of around 3 percent on every purchase.

Not every place takes plastic, so you will need some local currency.  The fastest and easiest way to get that is to hit an ATM machine one time when you land.  Get out a day’s worth of cash to be safe.  More fees apply—expect to pay anywhere from 3 to 8% in fees to make that withdrawal.  Be careful.  Some ATMs tack on more fees.  If your financial institution is part of a network with ATMs abroad you’ll save some money. 

So now you’re ready to travel the world and not overpay in your search for fun.

Do us a favor please.  Tell your friends about us so they can be smarter about their money too.

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Topics: Video Blog, Travel

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Feel free to peruse about. Here you’ll find stories, posts and tools aimed to assist you as you’re faced with daily to once-in-a-lifetime financial quandaries. This is your SmartLab (lab coat optional). We want you to get the most from our articles, and we welcome your ideas to help us continue to bring valuable content to you. Check out the comment section at the bottom of every post for easy ways to share feedback. We’re learning, too, and what better way to encourage smarter banking than to share tips and resources with each other? Not to mention, it’s a great chance for us to get to know each other!

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