As they say, money, money, money. This is the main excuse for the way that I hear around me and often the most valuable, although I basically it is possible to travel with any budget think!
I was recently asked how I was doing to reduce my bank fees abroad, so I prepared a little collage of my various tips. I invite you to tell me also your best plans and your little ECONOS tips to avoid drowning in the costs of our charming banks!
What fees do you pay?
Whatever the bank or credit union, it is virtually impossible not to pay fees of all kinds. Normally abroad, potential costs work like this:
Fixed costs of withdrawing your institution according to your plan
Currency conversion rate between 2 and 3%
Fixed costs of removing the local institution based ABM selected
The first two data are checked before departure when choosing the institution and the third on the road instead. The items below will have more control over the total cost.
Choosing the right package
The most horrific charges are the monthly fees. If your bank allows it, change your plan for the month in which you travel. This will reduce the number of unauthorized transactions, but you do anyway much less than if you were at home. It does not make a huge difference, but those few dollars will cover some costs withdrawals. That's something!
Each bank has a different offer with respect to accounts travel-friendly. If you are able (or feel like) change of institution, made an average of your use of the last year, which will provide a comparison data on your shopping. Get more Interac payments or are you more the type to make withdrawals? Do you have any pre-authorized payments or do you use instead of checks? Do not omit details that are sometimes very expensive transaction.
Although more accessible during long voyages, some packages allow you to avoid paying bank fees by always in your account a minimum amount of money, usually from $ 1,000. This can be a great alternative to save overall. By cons, you need to let him sleep in the in the account.
Beware of all-inclusive packages, they are not always worth it. Do the math! For example, we can offer you $ 25 per month for unlimited withdrawals. What they do not tell you is that the cost of the local institution are not included. Most banks charge between 2.50 and $ 5 per withdrawal fees abroad. To do a quick calculation, consider the worst case: $ 5 per transaction. It would require that you make five withdrawals per month (one to six days) and you have no other fees for the package worthwhile. Unless you are in a very expensive country or traveling "luxury", I never withdrew more than once every eight days (maximum amount per withdrawal $ 500 CAD).
Also monitor your monthly statement to dispute any charges unjustified. Sometimes even large institutions to be wrong!
source: www.moimessouliers.org
No comments:
Post a Comment