Currency Conversion Fees – Don’t Get Ripped Off!
Currency conversion fees have been in the news this week, as it’s yet another way for travelers to pay through the nose. These fees can add up to a substantial amount, but what’s a traveler to do if s/he needs cash? Credit cards can charge up to 3% for transactions made using a credit card, and debit card withdrawals may also attract a fee.
I’ve faced this problem before and have found a great way to solve it – a prepaid foreign exchange card, such as those offered by FairFX. You load the card in your home currency (dollars) and spend it in your target currency (euros). Not only is your currency conversion done at a great rate, but you don’t attract fees for using the card. Just use it like a regular credit card for purchases when you travel. I’ve tested this a few times and it works very well. Don’t just take my word for it – both TravelHack and Tightwad Travel list this as an option. Be warned, though, you need to stick to your target currency or this will also attract a hefty fee.
