Updated: Aug 20, 2024, 7:11am
If you’re travelling abroad, you could save yourself money by using a credit card that doesn’t charge foreign transaction fees. Standard credit cards typically charge foreign transaction fees of around 3% on every purchase you make abroad. If you use an ATM, further cash withdrawal fees apply (also of around 3%). And that’s on top of any fee charged by the ATM provider.
Interest is then usually charged on the amount of the withdrawal straight away, rather than after the usual grace period of 56 days. However, fees like these can be easily avoided by using the right credit card.
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