When you use an ATM that is far from home, you are subject to a plethora of fees. When you add in currency exchanges, those fees go even higher. As a sanetraveller, you want to make the most of your travels by not wasting your money on ATM fees and currency exchanges.Look at these three top tips that will help you at Finding the Best Currency Exchanges and minimizing ATM fees abroad.
Generally, there are different foreign ATM fees that you may encounter when traveling to another country. First in the list is the international or transaction fee or the ones added when using a foreign ATM. Another type is a conversion charge or a fee that ATMs charge when converting one currency to another. The third on the list is a surcharge or a fee charged by the ATM for using the machine to withdraw cash.
While some fees are only charged if you’re not a member of a particular bank, there are ATMs which charge all users, regardless if they’re members or not. That’s why if you want to save some money on your travel costs, it’s essential to familiarize yourself with these types of foreign ATM fees.
Unfortunately, all too often, unsuspecting travelers are still taken advantage of by convenient currency exchange bureaus. Their job is to get the highest fees from travelers who do not know any better. When it comes to using foreign ATMs and exchanging money, knowledge is power. These tips will help you get the most for your money when you cannot spend your native currency.
Tips for Minimizing the ATM Fees and Finding the Best Currency Exchanges
- Exchange Your Money at Your Destination
The best place to exchange cash is not in the United States. When you get to your destination, look around for a spot that offers the best prices. Some will charge fees based on each transaction, while others charge fees based on the amount you exchange. You can usually find the best rates at banks, post offices, and hotels. The worst places are near transportation hubs, like airports, train stations, and taxi stands; they know they’ve got you, so they charge exorbitant fees. If your hotel has a concierge, ask her where the most affordable exchange rates are.
But aside from the ones mentioned above, you can also directly get cash while traveling to another country from an ATM. While you can easily find these machines at the airport, their fees can be quite high. So, if you need help in searching for ATMs abroad, you may check out reliable resource websites like ATMs Near Me to get more valuable information about the locations of nearby machines across the world.
- Know the Rates
Another way to get the lowest rates is to know what they are. You can install apps on your phone that lets you immediately find out what conversion rates are. Before you exchange your money, take a look at the rate and be sure you are getting it.
Some businesses will take US dollars, but they charge a fee for it. This might be less expensive than exchanging your currency for foreign currency. If you are traveling to the Bahamas, Belize, or Barbados, US dollars are accepted, so you do not need to get foreign currency. Some other countries, like Mexico, will take US dollars, especially in tourist cities. Do your research before you spend a lot of money exchanging to a different currency.
- Use Your Credit Card or ATM Card
When you shop with a credit card or ATM card, you get the exchange rate that the credit card company uses. In most cases, that rate is much less than anything you find in the country you are visiting. Sometimes, the rate is as low as 2% and some credit card companies do not charge exchange fees at all.
The same goes for using ATM cards abroad. The best way to use ATM cards is to take out as much cash as you think you need. Your bank might charge an exchange fee, but it will be lower than anything you pay at a bureau. The ATM might also have a fee, but some banks will refund ATM fees at the end of the month. If your bank does not do this and you travel frequently, look for a bank that does.
Indeed, there are many things to consider when dealing with currency exchanges and ATM fees while traveling to another country. If you’re unfamiliar with how these things work, you may end up spending a considerable amount of money throughout your trip. Hence, if you’re traveling to another country anytime soon, keep the information mentioned above in mind. That way, you’ll know how to reduce ATM fees and find the best currency exchanges at your destination.