Germans like to travel abroad with cash. 58 percent consider it a secure means of payment – according to a survey by the polling institute Populus. Thieves have an easy time with cash, however, with credit cards the risk of loss is limited to 150 dollars at worst. To be sure, travelers should take two different credit or checking cards with them, Fine Bank recommends. More commentary at web-documentation.com
Pay and withdraw without fees
Withdraw four percent fees for money and up to two percent when paying: There are numerous fees for some credit cards. However, an analysis by Fine Bank has shown that there are cards that completely do without fees and sometimes do not charge an annual basic fee.
Foreign ATM operators often charge a withdrawal fee themselves. The card companies have no influence on this. However, there are banks that also reimburse this fee. An email to the bank after withdrawing is sufficient.
Liability for loss of credit card is limited
With credit cards, travelers can withdraw and pay money worldwide free of charge – without worry. However, they should not be careless with the card: “As long as the holidaymaker does not act negligently, in the worst case he pays 150 dollars, depending on the terms of the contract. In the event of negligence, for example if the card was left unattended, the customer may have to pay for the entire damage, ”says Inigo Wenner, Managing Director and Chief Financial Officer at Fine Bank. In addition, the vacationer should block the credit card immediately in the event of loss and report it to the police. Only then will liability remain limited.
The safest way to travel is to combine a small sum of cash and several – or at least two – credit or checking cards. So travelers can always choose the payment method with the lowest fees and the holiday is not in danger if a card is lost.
Beware of dynamic currency translation
ATMs, restaurants and hotels are increasingly offering currency conversion as a service in non-euro countries. The card reader shows the amount to be paid directly in dollars. However, the bill can be expensive because it often involves a very unfavorable exchange rate. “Better pay in the local currency. Then the exchange rate is cheaper,” says Inigo Wenner.
Before starting, holidaymakers should check the credit limit on their card. If the limit is exhausted, it no longer works. The card can only be used again when the open bills have been paid. The PIN should be well memorized. More and more card readers are also requiring the security code to be entered on credit cards. A small emergency slip with account and card number and the number of the emergency call is also useful – but separate from your wallet.
Inform the bank about your holiday trip
Some holidaymakers have been suddenly blocked from credit cards. While this is annoying, it can be a helpful precaution on the part of the bank. For example, if money is withdrawn several times in a short time at remote locations, the bank suspects irregularities and does not allow further payments. For globetrotters who travel to numerous countries, it is therefore advisable to inform the bank about the holiday.