![]() ![]() Stallings says if you take money out of a bank that has a relationship with your bank, you may be able to avoid some fees. "If your bank charges a flat rate for the withdrawal, you should certainly minimize your trips to the ATM by withdrawing larger sums each time you go," Meyers says.Īnd do your homework. To save money, keep ATM trips to a minimum. ![]() Some charge a flat rate, others charge a percentage, and still others charge both, Meyers says. "We consider the ATM to be the best choice in terms of convenience, exchange rates and fees," Meyers says.įees vary by institution. Using your debit card at ATMs is one recommended way to get cash when traveling abroad. The "PIN" refers to a personal identification number that the cardholder enters to authorize payment. The "chip" refers to a microchip embedded into the card to secure account information. Maria Brusilovsky, spokeswoman for Travelex Currency Services, says chip and PIN technology is now the preferred way of making credit card and debit card transactions in Europe, and some vendors only accept chip and PIN cards. In addition to cards without fees, think about getting a card with the latest technology. Others are just offering a few cards without foreign fees. Some major card companies have eliminated foreign transaction fees on all of their cards. You can save money on fees by making some calls before you go and knowing which cards to use," says Tom Meyers, editor in chief of, a guide to budget travel in Europe. "Most people have multiple credit cards, and each could have a different fee structure. Foreign transaction fees are a different story. Card companies base their exchange rates on wholesale prices offered to bigger institutions, so you're bound to get a fair rate. While some desks advertise "no-fee" exchanges, they still build in a hefty profit by offering a high rate.īefore your next trip, take a look at the best and worst methods of currency exchange by following Bankrate's "thumbs-up" or "thumbs-down" rating: Currency exchange methodsĬredit cards offer some of the lowest currency exchange rates. In lieu of foreign currency exchange desks at airports and major hotels, there are more convenient and cheaper ways to exchange currency, Stallings says. "Many options carry extraordinary hidden fees, and some places are just more difficult to negotiate since they are more cash-based than the typical American is used to," Stallings says. dollar abroad, update your knowledge of currency exchange.Īccording to Douglas Stallings, senior editor for Fodor's Travel, travelers need to be aware of currency exchange options abroad because of costs. If you're not careful, currency conversion fees can cost more than you expect. What to do when you lose your 401(k) match Should you accept an early retirement offer? The euro gained 0.34% to $1.058 and is up from a two-month low of $1.0524 on Wednesday.įed Chair Jerome Powell on Wednesday reaffirmed his testimony before Congress from Tuesday of higher and potentially faster interest rate hikes, but emphasized that debate was still underway, with a decision hinging on data to be issued before the March meeting.įed funds futures traders are now pricing in a 66% probability that the Fed will hike rates by 50 basis points, up from around 22% before Powell's comments early on Tuesday.How much should you contribute to your 401(k)? It is down from a three-month high of 105.88 on Wednesday. The dollar was last down 0.39% against a basket of currencies at 105.25. "The fear is that if we get a strong payrolls report tomorrow that that's just going to cement the rising expectations of a half point rate increase." "A lot of traders are breathing a sigh of relief that we're starting to see some softness in the labor market," said Edward Moya, senior market analyst at OANDA in New York. It comes before Friday's highly anticipated jobs report for February, which may determine whether the Fed increases its pace of rate hikes to 50 basis points at its March 21-22 meeting. ![]()
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