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Understanding & How To Avoid Bank Fees While Traveling

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Published on Aug 25, 2013

Understanding & How To Avoid Bank Fees While Traveling
Visit http://wanderingtrader.com for more tips on traveling around the world, living overseas, and financing your travels.

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Learning how to avoid the bank fees while traveling is extremely important in order to finance your travels. Traveling around the world and living overseas for nearly 4 years now I have used these same techniques in order to save money while traveling overseas.
There are three types of fees that banks and credit card companies normally charge. There are ATM fees, foreign transaction fees, and also exchange rate fees. Learning how the banks charge these fees is important to understanding and avoiding bank fees while traveling.

ATM fees are charged on a person bases and also per amount that you withdraw. Most banks charge a foreign ATM transaction fees not only nationally but also internationally. These fees can go up to five dollars per transaction while the norm is $2-$3 per transaction. Foreign conversion fees are between 2% to 5%. These fees are charged by Visa, MasterCard, and also the bank.

Visa often charges 1% while the rest of the fee is charged by the bank. The highest fees are 5%. Banks also make money converting the money from international currency to your local currency. It is important to try and get the best exchange rate.
We can normally do this by using a credit card. There are a lot of credit cards offer today that provide travel rewards in addition to not charging foreign transaction fees. My favorite is the chase preferred credit card because you can transfer points to many different companies.

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