It is very easy to incur an excess of fees while traveling internationally. However, if you are aware of the most common money traps while traveling abroad, you can plan around them. The following are a few of the most common international travel fees and ways you can avoid them.
ATM Fees
While traveling internationally, you can expect to incur ATM fees up to $15 per transaction. While some people take a ton of cash out at once in order to avoid these fees, that can lead to loss or theft more easily. One way of avoiding these fees is using an international bank such as HSBC. If that’s not an option for you, check to see if your bank has international partners. That way you may be able to make ATM withdrawal free of charge while traveling.
Checked-Bag Fees
While some airlines may let you check a bag for free when traveling internationally, that is not usually the case. If you have to pay to check your luggage, it can cost upwards of $25 per bag each way. Depending on how long your stay is, this can get expensive fast! One way to offset the price is to use airline credit cards. While they usually have an annual fee, some of the perks they offer typically include free checked bags.
Currency Exchange Fees
Another area where travelers frequently incur higher than necessary costs is in their currency exchange. The best way to sidestep these extra charges is to do your research first. Before traveling to a country, google the exchange rate. That way you have a ballpark figure to work with, even if the rate does fluctuate. Some institutions will charge significantly higher rates than others so research that as well. The best way to minimize exchange fees is to be educated on how much you should be exchanging for and where.
People often underestimate the amount of money they will spend on small things while traveling internationally. For example, you can end up dropping over a grand on things like atm fees, checked bag fees and currency exchange fees. However, if you are aware ahead of time and take the steps necessary to avoid extra costs, you can leave that stress behind!
