Times have changed. Along with passports, airline paper tickets, travelers would not leave home without their trusted traveler’s checks. Today, fewer merchants accept traveler’s checks – combined with the higher fees for buying and cashing them, many travelers have moved to credit, debit and ATM cards as their source of funds while on the road. Here are a few tips pertaining to international transactions.
• Visa and MasterCard typically charge a one percent fee for foreign transactions, and most banks tack on an additional two percent to convert the transactions to U.S. dollars. Be sure to check with YOUR credit, debit and ATM card providers to determine which of your cards are most travel-friendly, or sign up for a new card with a provider that waives or reduces the fees (for example: Capital One adds NO fee, and absorbs the 1% Visa and MasterCard charge, and Wachovia charges just the 1%). You do have choices – plan ahead.
• Make sure you have ample available credit and/or funds deposited, and check expiration dates on the cards you have chosen. Remember, many foreign ATM’s accept four-digit PINS only, and typically don’t display letters on the keyboards. If you use a WORD to remember your PIN, memorize the numeric equivalent before leaving home.
• Contact your provider BEFORE you leave home. Unusual foreign transactions may be flagged as fraudulent; advance notification will avoid a ‘freeze’ on your account. Be sure to take more than one card with you to ensure that you have an alternative should access to one account be declined.
• Make a list of convenient ATM locations in your destination(s) before you go. Both Visa and MasterCard have on-line worldwide ATM locators covering more than 210 countries. Make sure that YOUR ATM card displays a Visa, MasterCard, Cirrus or Plus logo for worldwide acceptance.
• Prepaid debit cards are a safe, albeit more expensive, alternative to a traditional debit or ATM card. You simply purchase the value needed ahead of time and use in ATM machines while traveling. Since the card is not connected to your checking account, there is not danger of being wiped out should it be stolen or lost, but there are usually extra fees involved.
• Make all of your purchases in LOCAL country currency, and beware of merchants offering to convert your purchases to U.S. collars. These merchants typically inflate the exchange rates by as much as 5%. KEEP YOUR RECEIPTS to reconcile your account.
• Cash-to-Cash machines are common, especially in Europe. They look similar to the ATM’s – the difference being that you feed in currency rather than a card. While they seem very convenient, they are best avoided as they charge inflated exchange rates. The same is true for currency exchange booths at many international airports.
The above information is well worth your attention. Travel Concepts provides in-depth information in all travel documents, ensuring that ALL details are provided in advance, allowing you to only look forward to this seamless journey! After all, details are our business!
