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To understand the hidden costs that come hand in hand with travel money, you have to read the fine print, understand your options and make the right choices. You can start saving for your next trip by being careful about what spend on and how you pay.
This guide breaks down and gives some tips on how to avoid the hidden costs and charges you’ll run into when taking travel money on vacation.
If you’re not using your card, the provider might charge a monthly fee for maintaining your account following a period of inactivity, usually 12 months.
If you want to keep your account active, make a small transfer or purchase before 12 months on inactivity. The last thing you want is for your remaining funds to be slowly devoured by the monthly inactivity fee. Read our guide on how to claim your remaining travel card funds.
When you close your travel money card, you may find that you’re charged an account closure fee.
There’s really no way to avoid this cost, unless you exhaust all of your funds on the card. Then you won’t have to worry about the fee for closing your card to get your remaining balance back.
Cards designed for overseas use can also come at a price, so make sure that the annual fee doesn’t outweigh any potential benefits.
To get by this, just look for a credit card with zero annual fees or a promotional period that allows you to use the card at no charge.
When you use your credit card, not only will you have to repay the purchase amount, you may also have to pay interest. Be sure to make on time payments or you could roll yourself into a ball of a debt.
You could get a travel-friendly 0% interest credit card or you could take advantage of the interest-free days when you pay your balance on time.
Sometimes you might find that the overseas merchant adds a surcharge to your transaction just because you’re using a foreign credit card.
Also, if you agree to pay in dollars while overseas, you’re agreeing to the currency conversion rate which incorporates a fee to the merchant, a poor exchange rate and the currency conversion fee which your card company may also charge.
Always stay alert at the counter and be vigilant about checking your bill before paying. Ask when in doubt about any item, and always say “no” when offered to pay in your home currency.
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