Bolivia Travel Guide

Perhaps the best way to beat international transaction fees is by choosing a credit card that doesn’t have them. Capital One, Chase, and Citi all offer cards that don’t charge a foreign transaction fee. Cards that do charge foreign transaction fees usually charge around 3% of the transaction amount. Here are a few other ways to dodge those pesky fees when you’re abroad.

Consider using your debit card for ATM transactions. The foreign currency rate you get with your bank’s debit card often beats the rates you get from currency exchange shops, and ATM fees on debit cards are often lower than they are on credit cards.

Choosing a credit card with no transaction fees gives you the break on fees you want while also giving you the consumer fraud protection measures you need. It is easier to dispute bogus charges on a credit card than it is with a debit card, and you’re only ever liable for $50 tops if your credit card is lost or stolen. Save debit cards for ATMs.

If a credit card with no transaction fees sounds good, but you don’t want to go with the big banks, inquire about credit cards at local banks and credit unions. If you have decent credit, you can often get some really great credit card deals locally that aren’t available from big banks.

Try to have some foreign currency in cash before leaving your home country. You’ll typically get a better exchange rate, and you spending convenience once you arrive. Just keep it safe in a money belt or other secure carrier.

Most people traveling overseas use credit cards extensively for easy tracking of expenses and convenience. Because foreign travel involves more frequent spending than when you’re at home, 3% transaction fees can rapidly add up, so it’s well worthwhile to find cards that don’t charge them.

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