Finding a credit card that doesn’t charge a foreign transaction fee is a money saver when it comes to traveling.
It may take some time and patience to research and find a credit card that fits your needs and also waives foreign transaction fees, but it’s worth it do so. This allows you make purchases anywhere internationally without suffering any extra charges.
These credit cards that have no foreign transaction fee will ultimately save you enough money on your next trip to buy a round of drinks, pay for dinner or just squirrel away.
Tips to avoid foreign transaction fees with your credit card
- Read the fine print. It is your responsibility to read the fine print before taking your card overseas. Look into the terms and conditions to get a firm grasp on the different fees the card may charge. Foreign transaction and currency conversion fees are fairly common, so frequent travelers should look for a card that waives these fees.
- Pay in cash. The most ideal way to avoid the foreign transaction fee is to use cash. If you’ll be bringing a large amount or sending cash overseas, only bring what you need. It’s smart to hide some in a safe or your suitcase once when you reach your destination. This will ensure that even if you lose some cash, you’ll have back up.
- Consider using travelers checks. Travelers checks allow you to spend without the fear of incurring multiple foreign transactions fees — although you may have a hard time finding acceptably in some destinations. Travelers checks are a secure travel money product that protect against theft and loss and can easily be replaced usually in 24 hours.
- Use a card with no foreign transaction fee. Some credit cards like the Chase Sapphire Reserve® Visa Card have no foreign transaction fee – plus complimentary travel perks. There are even some banks that offer debit cards that waive the foreign transaction fee like TD Bank, Charles Schwab and Discover. It’s important to note that debit cards and different from credit cards, and debit cards will save you on interest since it your own hard earned money, not a line of credit.