How to avoid paying currency exchange fees?

To help you relax when you're away, it's good to keep these in mind: It's often better to pay in the local currency, if the card reader gives you the option. That way you avoid the overseas provider's currency conversion fees. Some cash machines may charge a fee, even if we don't.

Is there a way to avoid currency exchange fees?

Ask Your Bank About Foreign Partners

If your bank has a foreign partner in the country you're traveling to, you might be able to do business with them and avoid the fees. They'll serve as a way station to withdraw funds.

How can I avoid paying an exchange fee?

Is it better to withdraw cash or use a debit card abroad?

Use the debit card to get cash at an ATM for local purchases or establishments that don't accept credit cards and get local currency, not dollars, the exchange rate is better. Use the credit card at every opportunity where it is accepted, it's more secure and you can use it up to your credit limit.

What is the cheapest way to withdraw cash abroad?

To avoid high fees when withdrawing cash abroad, try to use ATMs from well-known banks, as they usually offer better rates and lower fees. Limit how often you withdraw cash to save on fees. You should also check if your bank has partnerships with international banks, as some offer cheaper or free withdrawals.

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Which UK bank card is best for abroad?

Recommended Provider Starling is a popular choice for travellers, because it lets you spend on your debit card abroad without racking up a huge bill. Starling is fee-free for all purchases and cash withdrawals, unlike rival Monzo (see below).

Which card has zero foreign transaction fee?

RBL Bank World Safari Credit Card. The RBL Bank World Safari credit card is designed for individuals who love to travel. This credit card offers various travel related benefits like MakeMyTrip voucher, lounge access, travel points, and zero markup fee on foreign transactions.

What is the best card to use when travelling overseas?

If you want a solid everyday account and card which you can use for travel and local use, Wise may be the best travel card for you. With no monthly fees and access to currencies at the mid-market exchange rate, you're usually getting the best value for your money every day.

Does Tesco credit card charge for using abroad?

Overseas fees on Tesco credit cards can add up quickly, especially if you're abroad for a little while. The bank charges a 2.75% fee every time you spend outside the UK.

Where is the best place to exchange currency without fees?

Your bank or credit union

Banks and credit unions are often the best places to exchange currency before a trip, especially if you're an account holder. Major banks typically offer currency exchange services at lower fees than currency exchange kiosks, and some banks may even waive fees for premium account holders.

Why are currency exchange fees so high?

Banks charge these fees to cover the costs of processing the transaction, such as staffing overheads, ensuring compliance with regulations, and converting currencies. Also, in this article, we'll take a look at the common fees applicable to international remittances along with tips on reducing them.

Is it better to use a travel card or credit card?

Travel cards offer several advantages that a credit card can't compete with, including the ability to load multiple foreign currencies, secure PIN protection, locked-in exchange rates, no foreign transaction fees, online account management, and the option for emergency assistance.

Which debit card has no foreign transaction fee?

Discover® Bank

Discover doesn't charge foreign ATM network or foreign transaction fees. But Discover card acceptance can be limited outside of the U.S., Canada, Mexico and some Caribbean nations. With an HSBC Premier Checking account, customers pay no foreign transaction fees. HSBC also has a worldwide network of ATMs.

Is it better to get euros or use a debit card?

Always select to pay in local currency

It could cost you more than paying in the local currency. Point-of-sale currency conversion rates are set by the retail outlet and they're usually less favourable. For example, if you are in the eurozone then select to pay in euros, not pounds, at the card machine.

What is a 3% foreign transaction fee?

A foreign transaction (FX) fee is a type of surcharge on your credit card bill. It appears when you make a purchase that either passes through a foreign bank or is in a currency other than the U.S. dollar (USD). This fee is charged by many credit card issuers, typically ranging from 1% to 3% of the transaction.

What card is free to use abroad?

TSB, Bank of Scotland, Lloyds and Halifax all offer premium current accounts, which are fee-free to spend and withdraw from abroad but which charge a flat monthly fee instead.

Is Revolut good for international travel?

Revolut is so much more than just a travel card, but we make it easy to manage your money while you travel. You can use your Revolut card to spend in 150+ currencies globally. Join us and use one app to manage all things money, even when you're on the move.

Which credit card is best for international travel?

Which Visa debit card has no international fees?

With no international transaction fee on international purchases, a NAB Platinum Visa Debit card lets you make the most of your money when shopping overseas and online, so you can spend your money on the things you want.

Are no foreign transaction fee cards worth it?

Applying for a card that doesn't charge foreign transaction fees is an ideal option for avoiding additional fees while traveling. If you're considering opening a new card before an international trip, make sure the specific card you plan to use has no foreign transaction fees.

Which UK bank has no foreign transaction fee?

Starling Bank, Monzo, and first direct are some of the top UK banks with no foreign transaction fees. There are alternative providers in the UK that offer low-fee international spending with additional benefits like no-markup exchange rates.

Is Monzo or Revolut better abroad?

Choosing between a Revolut and Monzo account comes down to the features you want to better manage your money. Both are expanding their offerings for 2025, but if you want an account with international payment features and investment and savings options, then explore Revolut's plans.

Can I use my normal UK debit card abroad?

Using your debit card abroad

Just use it in the same way you do at home, wherever you see the Visa symbol. We convert card transactions into pounds using the Visa exchange rate. When using your card abroad, you should select to pay in the local currency in order to get this rate.