Foreign currency Fee.?
Hi everyone here's the situation: So I'm traveling to Israel this summer. As you know, anytime I buy something with the dollar (in my case with amex credit card) in a foreign country that has a foreign currency, you get charged. SO... My QUESTION is: What's the best and most creative way to save some money while doing this. I have heard that it's worth it for me to get cash advance from my credit card. Is this a good choice? And what other some better choices to save money on the foreign currency fee. Please give intelligent answers. Thanks, Michael.
Public Comments
- Don''t get a cash advance from your credit card! Most have a minimum charge of 3% or $50, with a higher interest rate of 19.99% cash advance APR) for Visa/MasterCard versus the purchase rate of 9.99%. Whoever told you that one believes in Santa Claus. Visa & MasterCard also have hidden foreign currency exchange fees of approximately 3%. That is why there is a class action suit right now to get money back for people who charged overseas without that disclosure. Amex has a charge of approximately 2%. I don't have the exact figure because I haven't been overseas for five years. A better choice would be to simply use the money from your savings or checking account. Ask your bank how the exchange rate is calculated. Go on a Saturday when they are not busy (after they have that first cup of coffee). Discover, Wachovia are a few banks that are making foreign travel more sane. Visit the web site below for an article on that subject. This discusses the best cards for travel. I am, of course, a former banker that worked in the credit card industry.
