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Did you ever know that you have the ability to stop spending such a big amount of money as bank fees?
Below mentioned are some of the effective tips which people should keep in mind to stop spending so much money as bank fees while you travel.
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Try to avoid the credit card fees
Usually, most of the credit cards tend to apply a surcharge of around 3% to 5% on all the purchases that you make out of your country. This will add up to a significant amount at the end of your journey. Hence, you should learn how to avoid these unnecessary credit card fees. For example, if you spend around $6000, you would be spending at least $200 on the credit card fees.
However, all credit cards are not charging this fee. Therefore, you have to do your own research and figure out the credit cards that don’t charge this fee. When you select the right credit card, you will be able to use it without keeping any doubt in mind. That’s because you know that you are not spending your money unnecessarily on the credit card fees.
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Don’t just use the random ATM machines that you come across
When you want to withdraw cash while traveling, you will think about using a random ATM machine. But if you are concerned about saving money, you shouldn’t do it.
Instead, you will need to look for the ATM’s that can help you to withdraw money with the lowest fees. Sometimes, you will be tempted to go and withdraw money from the ATM located in the corner store and at your hotel. However, these ATM’s would cost a lot of money and you will end up paying tremendous amounts as fees. Therefore, you must look around for the ATM’s with minimum fees.
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Never exchange money from the vendors that you find on the street
While you are roaming around in a foreign country, you will get the need to exchange money. In such instances, you shouldn’t walk to the vendors that you can find on the street. If you do, you will be spending your money unnecessarily. By appearance, they will promise to provide a better rate for your currency than the banks. However, most of these are just scammers. You will only realize that you have got a bad exchange rate, after becoming a victim of a scam.
There are instances where people totally get ripped off by these scammers. Therefore, you should be careful not to fall into the trap of these scammers when exchanging your money.
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Stay away from the currency exchange booths
You should also learn to stay away from the currency exchange booths that you come across while traveling as much as possible. It is true that the currency exchange booths don’t offer a scam service like the random guys that you come across on the street.
However, they will not provide the best rate for you. Hence, it would be a good idea to stay away from the currency exchange booths. You are always encouraged to go to the banks. Even if you have to spend a few additional bucks for the transaction fees, you are guaranteed to receive the best rate.
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Try to exchange money along with other travelers
If possible, you must always try to exchange money along with the other travelers. This can be considered as one of the most convenient methods available for you to minimize the fee that you spend on bank services. If you come across an individual, who is in need of USD for the local currency, you can give it to him.
If you want to get the real-time currency exchange rate to proceed with this transaction, you can simply take a look at the XE app. The XE app is the most reputed app that you can try to figure out the exchange rates. This will help you to maintain transparency throughout your transaction as well. When you are exchanging money, you can stay away from the conversion fees associated with currency conversion.
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Stick to the local currencies when withdrawing from ATM machines
When you are trying to withdraw cash in a foreign country through an ATM machine, you will be provided with two options to consider. You will either be asked to select your local currency or another currency. You shouldn’t use the home currency when you are initiating this transaction.
If you do, you will end up with the worse possible conversion rate. Therefore, you need to make it a habit to stick to the local currency as much as possible. Then you can make sure that you are not spending money unnecessarily as well.
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Take a look at Global ATM Alliance
Global ATM Alliance is a great option available for the travelers to minimize bank fees while traveling. In fact, Global ATM Alliance can be considered as a group made out of several international banks. The primary objective of Global ATM Alliance is to have a worldwide network of ATM machines.
This helps people to withdraw money without a bank fee. However, you just need to be a customer of one of the banks that are associated to the network.
Hence, you need to learn more about Global ATM Alliance and become a customer of one of the associated banks to minimize bank fees.
Overall you need to do some hard work if you want to get the best rate or if you want to save. Putting little effort will go a long away in saving lots of money. Hence, put some effort and you are good to go.
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