Do ATM withdrawal fees, transaction fees and currency conversion fees sound familiar to you? Have you ever thought that your consumer habits and normal banking need an adjustment when you are traveling abroad?
Usually, you have to pay every time for goods and services via credit or debit card abroad, but actually, you are paying a sizable amount to your bank for it and the money is being converted into other currency with a non-specific exchange rate.
For one-time travel, you have to bear an extra 3-5% in the transaction as well as non-specific exchange rates on international cards but when you start spending more than your local banking area then the extra expenses begin to build up quickly.
To select the right card and right bank that can facilitate when you travel is an essential decision that can potentially save your hard-earned money. If you are a digital nomad or a frequent traveler then you might be looking at hundreds or even thousands of dollars of extra charges to your bank, so choosing the best and reliable banking solution is important.
Payments and Currency Exchange: When you are spending on services and goods in various currencies then the exchange rate is essential and can be a single biggest expense without mentioning the service amount taken by traditional banks for the conversion of every currency.
Choose the bank which has the option to pay in the local currency, inexpensive conversions, then you can save a lot on undesired expenses. The bank that provides the average cost of transferring and exchanging currencies abroad. There are many mobile banks that utilize free payments in any currency both offline and online and transfers in various countries at cheaper rates than traditional banks.
When we have to move between two or more countries and incessantly going back and forth, working online, or traveling a lot, and another one of the basic features you need is the ability to have the availability of various or multiple currencies with you and also the reliable option to transfer the funds back and forth between the currencies you want.
Most of the banks facilitate you with additional Eurozone or other zone accounts for free and also handy prepaid travel cards that have the option to use multiple currencies.
Accessibility: When traveling to a new and exciting place abroad or dealing with transferring foreign currency, the main problems you have to worry about are nonsense things like the working hours of banks, the different time zones or bankers not understanding or speaking your language.
Most of the famous and reliable mobile banking provides the facility of in-app card lock or unlock options, in case if you misplace or lose it and it notifies you for every single transaction so that you can keep track of your card and international spending usage every time.
Cheap International ATM Withdrawals: In Europe, the ATM fees may vary a lot but while in the UK for instance, mostly, there are no withdrawal fees, but if we moved towards Germany, it is standard if you do not use an ATM which does not belong to your domestic bank. An average amount of €4 is common in this scenario in Germany. One of the best benefits of a good bank is the ability to withdraw money in local and as well as in foreign currency at low rates or available for free.
Choose the bank which offers their account holders the facility of global ATM cash withdrawals and customers don’t need to pay an amount of any fees for ATM withdrawals. Some offer free withdrawals worldwide in any currency.
Cashback/Miles: As we know that traveling is not a once-a-year activity but it is a way of life. So, for instance, flight tickets may become one of the big expenditures. But, if you have the correct tools then the more you travel the more advantages you can receive by reinvesting and saving the time.
Some popular banks provide special offers for their clients. Their Avios integration permits you to pick Avios for travel and retail purchases and then you can use them on flight bookings, hotels, and any other activities.
Travel Insurance: When we continuously move and travel far from our place, things can go wrong that is why travel insurance is essential. Choose a bank that offers worldwide extensive travel insurance which covers flight and delay cover, foreign medical expenses, extended warranty, theft insurance and many more.
When you are thinking of traveling abroad then the financial strategy is an essential step for planning a journey. By choosing the right tools and services, you can keep yourself peaceful, save a lot and have a handy day-to-day routine, whether you are abroad or at home.
Some of the European banks like Monese, N26, etc provide the most beneficial packages which offer you flexibility and freedom with cheaper, limitless banking while traveling.