Wednesday, May 15, 2013

Traveling Abroad? Don't Get Stuck With Currency Fees

Traveling abroad for work or pleasure can be a lot of fun.  Depending on where you go, it can be quite a bit cheaper than an average day in the U.S.  But, what you might not have thought about if you don't plan on converting to local currency is what your credit or debit card might charge you extra for using it abroad.  These are called foreign transaction fees.
Foreign transaction fees are what banks will charge a customer, around 2-5%, for converting into the local currency.  Ouch.  Suddenly, that hotel room is not quite a bargain.  

But, you can fight back.  Many credit cards waive foreign transaction fees, but you have to look closely.  For example, my United MileagePlus Explorer Card charges these fees, while my Chase Hyatt Card does not.  For a list of cards that do not charge fees, check out this site.

--The Edge