By: Joe Pankchuck

Joe Pankchuck — Wed, 17 Sep 2008 18:21:13 +0000

Great post. I really enjoy it! looking forward to more.

By: Ed

Ed — Fri, 04 Jan 2008 04:40:55 +0000

You might want to mention credit card foreign exchange fees.
Mastercard and Visa each charge 1% on each transaction, and some
banks add another 2% on their end. Before you travel, check with
your bank to find out this fee. If your none of your cards charge
less than 3%, consider applying for a new card that you may choose
to use just for international travel. Don't choose a Mastercard or
Visa that charges more than 1%. Capital One is unique in that it
not only charges no fee on its end, but it also pays the 1% fee
charged by Mastercard and Visa. I use one usually just for
international travel and therefore pay no fee to use my card
internationally. For American Express cardholders (cards ISSUED BY
American Express, not the branded cards from other banks), the
conversion fee is 2%. At least it's better than 3%, and some people
love their AMEX card which is fine, but in terms of fees, you can
do better with a low/no-fee Mastercard or VIsa. By using credit,
you also get some of the most competitive exchange rates and avoid
ATM fees because you'll need cash less frequently. Plus, who wants
to carry large amounts of cash around when travelling? However, if
you need cash, use an ATM card. Don't use a credit card for a cash
advance. As long as you don't overspend and pay the bill in full,
low/no-fee credit cards are one of the best ways to pay overseas.

Comments on: International Travel Tips Regarding Money, Part 2

By: Joe Pankchuck

By: Ed