by Adeniyi Ogunfowoke
Banking abroad is more than just using your card at an ATM or using Point of Sale. So, when you travel abroad and you want to perform any transaction, you must know how to avoid paying bank fees, eliminate foreign transaction charges, and get a good exchange rate. If you do not, you will discover that your bank will have a field day deducting fees for banking transactions. In line with this, Jumia Travel, the leading online travel agency shares ways you can reduce bank charges when you travel abroad.
Eliminate ATM fees
ATM fees can really add up because while travelling, you will probably withdraw money from an ATM. Of course, you already know that ATM fees vary around the world. With this at the back of your mind, you should get a bank in the Global ATM Network. This is a network of large banks that have removed fees and allow for free ATM withdrawals.
Don’t use ATMs in weird locations
Using ATMs you find at random places is not really a good idea. They may be convenient but they always charge high ATM fees and their exchange rates are high. Avoid such ATMs and find a major bank to get cash.
Never change money at airports
Most exchange bureaus in airports do not offer good exchange rates. The rates at airports are usually unfavourable. As such, do not change your money at the airport except you have to.
Exchange with other travellers
If you end up with extra local currency at the end of your trip, consider selling it to another traveller. You will probably get a better rate and you can avoid all bank and conversion fees.
Download the XE app on your phone
It’s always best to know the exchange rate for the country you are travelling to. The XE Currency App is perfect for this purpose as the app automatically updates every day with the exact exchange rate.