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When it comes to travelling overseas, it would not be wrong to say that one of the most important points that one should consider is to decide the mode of spending for his or her expenses. However, you can either go for the conventional mode, i.e. exchanging your money in foreign currency or you can simply choose the most convenient way of using plastic money while carrying your credit card.
Yes, carrying a credit card is undoubtedly the safest and the most preferred mediums to carry cash if you are travelling abroad. However, to make your travelling more enjoyable and convenient, many renowned banks these days offer plenty of international credit cards which you can use for making the transactions in abroad.
More to the point, carrying an international credit card is no doubt the most convenient way to carry cash, but one thing that needs to be mentioned here is the fact that these international transactions come with certain charges. Yes, there are certain terms and conditions that you need to keep in mind, if you are using your credit card in abroad, else you need to pay many charges.
So, below are the certain good practices that you should always adopt, if you are carrying your credit in overseas:
Inform Bank About Your Travel Plans
It’s always better to inform your bank earlier regarding your travel plans. Yes, you should communicate about your tentative duration of stay, else your bank due to some security reasons might block your card. So, it’s always advisable to inform your bank about your overseas travel plans.
Keep Yourself Updated with Exchange Rates
Yes, it’s always important to keep yourself updated with the exchange rates for the country you are visiting to. You might be carrying a credit card whose limit is in rupees, and now your credit limit might increase or decrease, depending on the country you are travelling to. Suppose if you are travelling to one European country like Germany, in this country the exchange rate of rupee is Rs. 75.88 against a Euro. So, according to this, your credit limit might increase or decrease.
Be Aware About Transaction Charges
No matter which type of credit card you are using, whether it’s Visa or MasterCard, some charges will be applicable on your card in abroad. To avail the foreign currency conversion, you will be charged somewhere between 1-2%. And, if you use your credit card for any transaction, the issuing bank charge you between 2-4% on the transaction amount as transaction charge.
Use Only One Credit Card
Try to stick to one credit card only, if you are willing to use it in abroad. But, if you find this thing difficult and prefer to carry multiple cards with you, try to use the card that has the highest credit limit. Yes, through this way you can easily pay for all your expenses, and the transaction charges will also remain consistent. Not only this, it would be easy for you to manage your expenses in that way.
Keep a Record of All Transaction Slips
However, if you keep a record of all your monthly statements, then it makes half the job done. But, keeping a record of all your transaction slips is also great as you can cross- check all your expenses through this way.
Avoid Withdrawing Cash Using Your Credit Card
Always remember that your credit card comes with a cash limit and a credit limit. So, try to avoid using your credit card for withdrawing the cash, until and unless there is an urgency. Yes, because the charges of cash withdrawal are quite high in other country. To avoid such situation, all you can do is carry some cash in advance so that you can use it whenever you need it later.
Carry a Travel Currency Card
Another convenient and smartest way of carrying the foreign exchange is to opt for travel currency card. Yes, with the help of this travel currency card, one can easily carry a significant amount in the form of plastic money, and can use it widely over n numbers of merchandises. You can shop, dine and can easily withdraw cash via using this travel currency card in overseas.
So, now you know how to use your credit card for international transaction in overseas in a planned manner. If you follow these practices, you might not end with high credit card bills, and can have a great time while travelling!