There are many travel rip offs that you may not be aware of when you leave your home country. Many of them are due to the foreign conversion fees of around …
Credit Card & Foreign Currency Conversion Travel Rip Off ScamsThere are many travel rip offs that you may not be aware of when you leave your home country. Many of them are due to the foreign conversion fees of around 2.5% charged by your credit and debit card via your bank, Visa or MasterCard. The WORST is the bad currency conversions that you get when you spend U.S. dollars abroad in Canada and you are only given your money at par.
The worst I have seen are also in the Czech Republic at the ATM.
You can avoid these fees by having a no fee, no foreign conversion fee credit or pre-paid card. Some of them allow you to load 6-10 foreign currencies, like the CIBC Air Canada VISA AC Conversion card or the MasterCard Cash Passport card. Your country will offer products similar to this, but you need to review the fine print and fees to ensure you are getting a fair deal when you travel abroad.
Why waste $25 for every $1,000 you spent? Or more?
It's your money, so save it!
What are your experiences with unfair currency exchanges and/or foreign conversion fees?
Keep your wheels on the ground!