Using credit card abroad

[mainer04270]

Now that most banks are charging a 3% currency exchange fee, what do all y'all do about paying for big extras? I'm going to Grand Cayman, in Dec. and will be renting a car. I hate to carry large amounts of cash, when I travel. Do all y'all just bite the bullet and pay the 3%, or do you carry a wad of cash? Any suggestions would be very helpful! Thanks

 

[El Orans]

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A ScubaBoard Staff Message...

Moved to General Travel and Vacation Discussions.

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[Splash-X]

The first thing I do is select a single credit card to take with me on my trip that has ample room on it. I call the credit card company to tell them that I will be out of the country and using the card while on vacation. They generally ask which country so they can note it for the Fraud department.

You will find that most tourist destinations actually charge you in USD rather than using their local currency and letting the bank convert. This makes it easier on the shoppers.

My last trip to Grand Cayman was no different, when we went shopping and they rang us up, the price was USD.

 

[Scared Silly]

I call my credit card company and let them know I am traveling abroad and I will be in certain countries so that if I need to use my card it will not be declined. However, I doubt that I will be using it as now with the 2-3% surcharge I am taking travelers checks and cash instead.

 

[Scared Silly]

You will find that most tourist destinations actually charge you in USD rather than using their local currency and letting the bank convert. This makes it easier on the shoppers.

DO NOT let them do this conversion. You will not get the best currency exchange rate but in addition the bank will still charge a foreign transaction fee even though it is in USD. So you get whacked twice.

 

[robint]

It totally depends on what country.... going to places that have ATM machines, I just use my debit card and get cash as needed! If I am going to a country that doesn't have easy access to ATMs, then I carry mostly cash, the do the rest on CC if needed.
I tried taking some traveler's checks to Cozumel this past March and found that things have changed there, only the hotel would cash them and only a certain amount per day. Using the ATM there was much easier!
I would expect you have easy ATM access in Caymans, so I would just take my debit card, and maybe notify your bank that you are going there.

 

[DeputyDan]

Linky

http://www.scubaboard.com/forums/ge...3522-credit-card-foreign-transaction-fee.html

 

[Splash-X]

DO NOT let them do this conversion. You will not get the best currency exchange rate but in addition the bank will still charge a foreign transaction fee even though it is in USD. So you get whacked twice.

You're failing to see that the prices in the store are ALREADY in USD. You can't prevent them from doing this. The price you're being asked to pay is USD not the local currency. Their merchant account is in USD and there is no "exchange" rate. At least not with the credit cards I've used (Capital One & Chase)

 

[Shasta_man]

Ditto on the charge you in USD. Unless you can get a better exchange rate from them which is likely impossible because they know it better than you.

 

[Splash-X]

It totally depends on what country.... going to places that have ATM machines, I just use my debit card and get cash as needed! If I am going to a country that doesn't have easy access to ATMs, then I carry mostly cash, the do the rest on CC if needed.
I tried taking some traveler's checks to Cozumel this past March and found that things have changed there, only the hotel would cash them and only a certain amount per day. Using the ATM there was much easier!
I would expect you have easy ATM access in Caymans, so I would just take my debit card, and maybe notify your bank that you are going there.

Not only does the ATM generally charge you a fee of $2 - $3 but your bank will also whack you a fee of $2 - $3. You're paying $6.00 EASY. Most banks limit your daily cash withdrawal to roughly $300. $6.00 in fees is equal to the 2% fee your credit card company is going to charge you and you aren't carrying a wad of cash around.

Look at the terms of your debit card, the bank may also charge you a currency conversion fee to withdrawal money in a foreign currency as well.