• Travel Insurance Blog

  • Sunday, July 23, 2017

  • Hidden credit and debit card costs

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Travelers should be very careful if they are using credit or debit cards frequently during their trip abroad, especially on a personal vacation or a leisure trip. This is because most of the banks charge a transaction fee every time you swipe these cards outside your homeland.

Hence, it is advisable to gather adequate information from the banks about the usage terms or refer to the user manual given at the time of purchasing a credit or debit card. Ensure that you get the most recent and updated information regarding the same before you start travel.

In addition to charging a processing fee for every transaction overseas, cash withdrawals from ATM abroad are also generally charged in addition to the exchange rate commissions. In some cases, a withdrawal limit is set below which the charges are pretty high. Hence, in case you are forced to use your ATM card abroad, it is better to withdraw a large amount within a single transaction and use cash for daily use.

Another way of optimally using your funds it to exchange cash before traveling on a commission free basis and simply use this during your stay abroad. This is feasible only if the duration of stay is short.
Finally, do not forget to insure your baggage and personal belongings and also in the case of theft / loss of credit or debit card.

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