Traveling Overseas?
Beware of the Pickpocket in Your Wallet
By Kayla Fay
Your money belt is well hidden, your valuables locked in the hotel
safe. With your conservative dress and your confident walk, you
don't look like a tourist. You walk into the store, make your
purchase, and leave without anyone coming near you. It's only
when you arrive back in the United States that you discover the
theft. Every time you spent a dollar, several cents was taken from
you. You had a pickpocket in your wallet everywhere you went.
If you're a savvy traveler, you know that a debit or credit card
almost always gets the best foreign exchange rates. When you cash a
traveler's check or dollars, an exchange bureau will give you
about 5 to 10% less money than an ATM machine. It's smart to use
plastic. But beware û some banks and credit card companies have
slipped a little fine print onto their credit card terms. It's
called a foreign transaction fee, and is quite simply a 3% to 5% fee
that the bank charges for transactions made outside the United
States. A foreign transaction fee can make your trip a lot more
expensive.
The good news is that not all credit cards have sticky fingers. To
find out if your bank does, check your terms. It's also a good idea
to call your bank and get their policy in writing. If you find you
are being surcharged, get a different credit card for your travels.
There are plenty of cards that don't charge a foreign transaction
fee, but you'll have to shop around. (If you'd like a current
list of recommended cards, email us at
cardlist@.... You
will not be added to a mailing list.)
On your next trip abroad û beware of pickpockets û especially
the ones that stay in your pocket all the time.
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Kayla Fay is a freelance writer and the publisher of www.cash-
abroad.com, where you can find more hints that will help you
understand the most cost-effective ways to get cash and make
purchases on trips overseas.
