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Why avoid them?
Foreign transaction fees are a doozy! They are between 1 and 3 percent of every purchase you make. Let’s say we went to Paris and had a 3% transaction fee on every purchase, spending a total of $1000 dollars. That brings our total to $1030. Even one percent of every purchase can add up fast, and we don’t want to be spending extra money.
The Cards
These are the top cards we would recommend. There are others out there, but these offer some great in-country benefits as well.
Chase Sapphire Preferred – As our favorite beginner card we would recommend this for everyone looking to start in the points and miles world, and as an added bonus it charges no foreign transaction fees.
Capital One Venture or Venture X – Both of these cards have different benefits and annual fees, but what they have in common is 2x points on every purchase, and no foreign transaction fees.
Other Tips
When traveling in another country, the card reader will often give you a choice between paying in the local currency (i.e. Euros) or paying in US Dollars. ALWAYS choose the local currency. These machines have some exorbitant fees for those who choose to pay in US Dollars.
And the second tip might shock you but…..carry local cash! We have found many countries, particularly South/Central America don’t take cards in many places, and it is worthwhile to have a decent amount of cash. This also prevents you from having to use ATM’s in vulnerable places.
If you are hoping to get cash for your trip, try going to your local bank a week before the trip and executing your currency exchange there. We have found it to be quick, and have better exchange rates than the airport many times. This also allows you to land in-country with cash for the taxi driver/porter/shuttle driver right off the bat.
Conclusion
Traveling overseas can take some extra forethought on things we take for granted. These tips will give you financial confidence as you enter into a foreign country, rather than coming home to see large fees in your bank account.