I travel internationally quite a bit and fear that I’m losing a lot of money in the exchanging process. Are there a few key steps in the exchange process that I should be aware of the next time I leave the country that could save me money?

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Posted by Siena Miller (MONEY FORUMS: 4, Answers: 0)
Asked on March 1, 2016 9:19 pm
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The most efficient way to deal with this is to use foreign ATMs for cash and credit cards for everything else. But you have to shop around for the best deals. You will need to get a credit card that does NOT charge a foreign transaction fee (often up to 3%). They do exist. And in terms of ATMs – shop for a bank that offers the best deal here as well. You can’t get out of paying some transaction costs, but you want to minimize it. Some charge a fixed dollar amount per withdrawal, others a percent, and some charge both. If you end up with a “per withdrawal” fee, make sure you plan your withdrawals carefully so you aren’t making multiple withdrawals and racking up fees.

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Posted by Beth Tallman (MONEY FORUMS: 1, Answers: 61)
Answered: March 1, 2016 11:03 pm