Money Tips for International Travel

When it comes to handling money on the road, you can boost your budget and reduce hassle by using local currency.

Everyone takes credit cards for granted at home, but be aware they can add additional costs to your trip and may not be accepted everywhere. Cover your bases by carrying a widely accepted Visa or MasterCard, but be aware that Europe and Asia have been converting to the new smartcards that use chip-and-pin technology, and some places may require you to have this PIN number in order to use your card.

Ask us about your card charges for international transactions and let us help you find the best way to access and spend money abroad.  It’s also a good idea notify us of your trip to prevent your credit cards being frozen for unusual activity.

If you’re travelling to Europe, purchases are best made in the local currency, which can be accessed from a local ATM on our credit union network. While much of Europe has adopted the euro, and everyone accepts it, there are some significant holdouts including Switzerland and the U.K. where your purchasing power will be better in local francs and pounds.

If you’re travelling somewhere like Asia, many places won’t accept traveller’s cheques or foreign credit cards. Those that do charge high transaction fees. China is largely a cash economy and there are now enough foreign-card accepting ATMs that it is possible to arrive with no local currency and solely use your bank card.

Ask us about currency conversion fees on ATM withdrawals, as some foreign banks will also add a fee of anywhere from $2 to $5. They may set low daily maximums on how much cash you can withdraw, so it makes sense to have several options for getting funds.

With so many differences between countries, it’s wise to research money options specific to the place you are visiting.  Come in and speak to us, and we can help you determine how to get the most out of your dollar abroad, whether it’s using traveller’s cheques, credit cards, withdrawing money at an ATM or converting cash ahead of time.