Wednesday, 10 June 2009
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Which Credit Cards and ATM Cards are Best Overseas?
Using a credit card and the ATM in a foreign country is actually one of the most convenient and cost effective ways to convert your local currency into the foreign currency. However, you need to check the fees that the cards will charge you for this convenience, and, if possible get a card that has no fees.
I've decided to get a CapitalOne card to use when I'm out of the country. It has no foreign charges and no annual fee, so I'm able to keep it and just use it while I'm out of the country. I don't use it as my main card when I'm at home because there are other cards that give much better rewards. My other credit card from Citibank charges 3 percent and Amex charges about the same also, so I know not to use them. Plus the zero liability protection from using a credit card is pretty sweet when you’re traveling. If your card gets stolen, you can call your credit card company back at home collect and have your card canceled.
As for using the ATM, I get local cash as soon as I arrive at the airport. I think it is much easier than going to local banks and worrying about picking the right bank that gives you the best exchange rate. My bank doesn't penalize me with currency conversion surcharges and they always use the best exchange rate. I have an online bank account that reimburses any ATM fees, up to eight dollars a month.
Flyerguide has a great breakdown of the fees from credit cards and debit cards.
USA Today also has a recent article on the subject.
Do you use your ATM and credit card when in a foreign country? Did you notice the foreign transaction fees they charged?
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Comments (9)
Bank of America has a flat rate of interest and it's always fixed in spite of the changing currency rates.
x
card ...
I have a US bank check card, and it worked fantastic abroad. I never had any problems with it being accepted anywhere from Switzerland to China.
I also use a bank Visa check-card (debit card). It works great everywhere I go and when traveling with my friends in Japan my card always worked and their regular mastercard and visa never seemed to work on any kind of predictable basis. I also try to get most of my local currency at the airport when I arrive. Another thing my friends had trouble with was travelers checks finding them hard to use and also not widely accepted.
The best credit card is Capital one. They have ZERO international use fees! We used that the whole time we were in Australia and it was great!
Yeah im not down with american expresses fees overseas
Citibank card.
It's accepted anywhere. And...
There are Citibank atms literally all over the world. I saw many when I went to Czech R, Hungary, and Egypt.
If you take out money from there, they will not charge you any international fees. Also atm has one of the most fair exchange rates.
"I remember when we traveled before ATMs. Secret pockets and hollowed-out belts stuffed with a personal horde of travelers checks! Scouring European villages for a bank, hoping against odd local holidays, treacherous taxi rates, early closing times and the dreaded 'I'm out of cash and it's Saturday afternoon!'
Now THAT was traveling my friends!"
(Followed by a cloud of dust as my horse and buggy turns back to the highway.)
From an English perspective The Santander card has no foreign exchange loading anywhere, so you
get the best possible exchange rate, and uniquely it doesn't charge a
fee for withdrawing cash. The only negative is its
high 27.9% cash withdrawal interest rate, which you pay even if you
clear the card in full. Yet as that’s roughly £2 for a month per £100,
it's still cheaper than paying interest PLUS the cash withdrawal fees
on other cards.