Financial Travel Tip #5: Using Your Debit Card on the Road
By theprofessionalhobo ~ December 3rd, 2011. Filed under: Financial Travel Tips.
You’ve got a lot of options for accessing cash and paying for things when you travel. For example, you can convert cash before you leave and carry it with you, carry travelers cheques, pay for things with a credit card, get a pre-paid travel card, or use your debit card.
(Don’t worry – in coming weeks we’ll discuss some of the pros and cons of all these options and more).
Having a debit card means you can withdraw cash from ATMs around the world, and pay directly for items with some vendors using direct debit. But you’ve also got to navigate of ATM withdrawal fees (levied by both your bank and the ATM), hidden currency conversion charges, ATM accessibility options (like Interac, Plus, etc), and a myriad of security issues from having your card stolen and PIN swiped, to electronic and identity theft, to simply carrying too much cash and getting mugged.
Here’s an article that gives you the full scoop on using your debit card on the road – safely and without incurring undue fees.
Travel & Money: Using Your Debit Card on the Road
December 4th, 2011 at 11:24 am
A really useful series of articles. Your tips can save people from a lot of hassle and paranoia regarding $$$. Thanks for that.
Hope you’re enjoying yourself on ths island.
(Check out my blog for a new post and brand new tunes to keep you company
take care
d
December 4th, 2011 at 11:37 am
We also hooked up with a bank that didn’t charge us foreign ATM fees as long as we kept a minimum balance in the account. This saved us quite a bit of money as many ATMs charge $5 or so per transaction, which after a year of traveling would add up to something like $260 or more.
December 4th, 2011 at 11:51 am
@Despina – I’m glad you find the series useful. I’ve got lots (and lots and lots) of good tips coming up, so stay tuned!
@Shawn – Great tip. It’s those fees (monthly fees, and transaction fees) that get you, and in many cases they can be entirely avoided, or at least minimized.
Another way to minimize ATM fees is to select a bank that has branches/ATMs around the world. HSBC seems to be a popular choice for travelers.