How To Get the Best Out of Your Money Overseas | It is essential to do some homework and know your options when traveling overseas. You might need to think in pounds and pesos or dollars and cents, depending on where you are going. The travelers today make common use of travelerâ€™s checks, credit cards and ATM withdrawals that usually come with lower fees and better exchange rates.
Well, one could be visiting family or studying abroad or traveling outside their country for business. Whatâ€™s the best option for you? What are the best banks for international travel? The idea is to get competitive overseas ATM fees and decent currency conversion rates to make the most out of your money.
The best options for foreign transaction fees. â€¨Most banks charge special fees on the transaction when one shops abroad. Capital One 360 is a favorite because of its lower fees, and even if one uses an ATM in another country, the bank does not enforce a monthly maintenance fee.
The best options for using ATMsâ€¨. Although some banks offer free ATM use worldwide, they are usually available internationally only for those with high minimum balances and premium checking accounts. With Aspiration and Schwab Bank, there is no monthly fee or minimum balance requirement, and there are no foreign transaction fees, either.
The best options for wiring money. â€¨If you need to send money regularly to your relatives in another country and without paying a hefty fee, then go for the services of Citibank. There are very few banks that offer free international transfers as simply as Citibank. Make good use of Citibank Global Transfers services.
The best options for expats. â€¨HSBC bank is the right option for those people relocating to other countries or with the need to maintain financial ties with another country. HSBC and its mobile app help people to monitor and move money internationally between accounts, which is very handy for globetrotters.
SOME MORE TIPS
â€¢ Credit Cards are the right option when making large purchases such as airline tickets, car rentals, hotel bills and restaurant meals while traveling overseas. However just keep in mind that some hotels, restaurants, and stores will not take credit cards.
â€¢ Debit and ATM Cards are best used when getting cash in local currency as one can get a better interbank exchange rate. However, each cash withdrawal will be subjected to currency conversion fees.
â€¢ Travelerâ€™s Checks and Prepaid Cards are great for an emergency backup for cash needs. However, the exchange rates may not be as favorable as the interbank rate one gets with credit or debit card.