![]() ![]() 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. It’s usually the cheapest option.If you're not careful, currency conversion fees can cost more than you expect. Not sure what currency you should pay with abroad (for example online shopping or in physical shops on holidays)? At Lunar, we always recommend that you pay with local currency. In Visa’s Currency Exchange Calculator, the markup is called the “bank fee”. How much of a markup you need to pay depends on your Lunar package: ![]() Here you can validate the actual rate later on. This means that you can always check the expected exchange rate on Visa’s website. ![]() What else do you need to know about exchanges when you’re paying in a foreign currency?Įvery card in Lunar is issued by Visa. But, the reference rate from ECB is a guideline only and is not available to you as a consumer. The currency surcharge is the percentage difference on the reference rate of the European Central Bank (ECB) and the rate that your purchase is paid with. We do this to give you a better insight into the fees that are applied to card payment and cash withdrawal. In this notification, we’ll inform you of the expected exchange rate and of the additional markup. Let’s break it down for you:Īs a bank, we're obligated to send you a push notification whenever you pay in a foreign currency. ![]() How much does it cost to pay with my card abroad and in foreign currencies?Īre you using your card abroad and paying in foreign currency? It’s important that you are aware of the different fees that are applied to your purchase. ![]()
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