Want to say money while traveling? Check out my following tips:
- Many stores and train stations around the world are phasing out the acceptance of swipe only credit cards. Try to obtain a chip enabled credit card from your bank. Few US banks offer these now but this should change over the next few years. Make sure you have enough cash if your card is not accepted at a restaurant, etc.
- Consider getting a chip enabled debit card from Travelex for use overseas. For example, if you are going to France, buy and load euros on your debit card. You can then use the card to purchase train tickets, etc. The card costs $8 and you only pay the conversion fee once. Also, you can redeposit any residual funds on the card after your vacation.
- Obtain cash using your debit card. It amazes me how many people still go to currency exchange counters! You will save a lot of money by using your debit card overseas (you get the “slightly above bank rate”). Just don’t forget to notify your bank when traveling. Also, see if your bank has a partnership with a local bank as you can save money on fees by using such banks. You should also notify your credit card issuer so that you won’t have any trouble using your card overseas.
- Save on credit card fees by using a Capital One Venture Card. This bank does not charge a 2 or 3% fee on credit card purchases (unlike most other banks). The Chase Sapphire Card is another card that does not charge fees overseas.
- Never wire money to a hotel, cruise ship, tour agency, etc. Always pay with a credit card. If something goes wrong, you can always dispute the payment with the bank holding the credit card. This is not the case with wired money.
- Ensure you have some local currency as you may have to pay a departure tax when leaving certain countries.
Got any other tips? If so, please leave a comment below or contact me. Thanks!