Avoid These Costly Money Mistakes When Traveling Abroad
Huff PostRgStudio via Getty Images Be mindful of extra fees when using an ATM abroad. “One mistake is paying foreign transaction fees when using a credit card, which is around 3% of each transaction, and that can add up,” said consumer finance and budgeting expert Andrea Woroch. “If you travel abroad often, it’s a good idea to get a credit card that has no foreign transaction fees.” If you’re unsure about your card, check with your bank ahead of your trip to avoid paying transaction fees. “It’s much better to research ahead of time and use credit cards that have no foreign transaction fees,” said Bola Sokunbi, author of “Clever Girl Finance, Expanded & Updated: Ditch Debt, Save Money and Build Real Wealth.” Arriving without cash in the local currency. “Research the best ways to manage money in your destination, set your travel notifications with your bank, and decide how you’ll split your spending between cash and card.” Woroch also emphasized the importance of doing research before you depart for your trip to avoid money mistakes like needless overspending.
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