Save Money and Avoid Fees Abroad

My name is Alexa Young

Spend your money on the trip, not unnecessary fees

• When a card terminal asks whether you'd like to pay in your home currency, think twice. Dynamic currency conversion can include an unfavorable exchange rate or additional markup. In many situations, choosing the local currency and allowing your card network to perform the conversion can be better.

• Don't use a credit card for ATM cash advances. Fees and interest can be substantial. Canada's travel guidance specifically recommends avoiding credit cards for ATM withdrawals for this reason.

• Use bank-affiliated ATMs where possible. Freestanding tourist-area ATMs may carry higher fees or poor exchange rates.

• Carry more than one payment method. Keep a backup credit or debit card somewhere separate from your primary wallet.

• Know your card's foreign-transaction fees. A card with no foreign-transaction fee can save a surprising amount over a longer international trip.

• Never carry all your cash in one place. Keep a modest emergency reserve separate from your everyday wallet.

• Check your banking contact information before leaving. Make sure your financial institutions can actually reach you if they detect unusual activity. Canadian government travel guidance recommends doing this before departure.