Are you planning to use your card on a trip abroad?
If you plan to use your card on an overseas trip, you should know that in countries that use a currency other than the euro your bank may charge you a currency conversion fee when you:
- Make a card payment at a retailer
- Withdraw money at an ATM
In addition to the fees applied directly by your bank, when you withdraw money at an ATM you may end up paying the full fee charged by the bank that owns the ATM.
Although your contract will not state the fee charged by the bank that owns the ATM, it will state the other fees that your bank can charge you for using the card. It is therefore important that you check the specific terms and conditions of your card before travelling and consider other alternatives for foreign currency payments.
Get informed and compare the various products on the market. There are now cards available that are good for overseas use, offering these services at low or zero fees.
Lastly, if you are going to exchange your euro for the destination country’s local currency, check out these useful tips before you travel.