Bank fees are commissions that takes your bank and the bank in which you withdraw your money abroad. These charges may vary from one to three. They are generally 3 to 12 euros plus a variable fee as a percentage of your withdrawal that varies across countries and banks.
To sum up in one example, when you take 50 euros, the bank will take into account your: 50 euros + 4 euros + 3% for a total of 54.5 euros.
You'll understand if you do not take care, banking fees can quickly add up and bleed and the budget traveler.
Here are some tips that helped me to avoid bank charges and therefore travel longer.
FOR TRAVEL IN THE EUROPEAN UNION
If your bank is in France, know that all withdrawals and purchases made in the countries of the Euro zone are free or incur the same costs as in France.
PACKAGES AND OPTIONS INTERNATIONAL BANKING
When going on a trip or longer, the first instinct is to contact your bank advisor. There are indeed packages that simply will eliminate bank fees.
At the LCL for example, for 3 euros per month you can use your credit card abroad unlimited without having no banking fees. Beautiful is not it?
For more information, the offer can be seen here, it is normally granted only to students but I was able to access it without problem, so do not hesitate to negotiate with your banker.
Some French banks also have agreements with banks in other countries that will help reduce the cost of removal. I suggest you educate yourself about the website of your bank to find out which banks are partners of yours.
FREE OPTION "STUDY ABROAD"
Thank you to the blog book-Hyacinthe Hyacinthe.fr for this information:
For customers of CIC Group, the FREE option "Study Abroad" should be considered.
If, as the name suggests, it is an option usually reserved for students, I could, asking nicely to my banker, benefit when I went to Canada for a PVT.
For a year, here's what you get:
Withdrawals in ATMs in the euro zone: all withdrawals are free
Withdrawals in ATMs outside the eurozone: 4 free withdrawals per month (instead of 4.45 € for a withdrawal of € 50 and € 5.90 for a withdrawal of € 100).
All your credit card payments are free (instead of 1.45 € for a payment of € 50 and € 2.90 for a payment of 100 €).
1 free month by international money transfers is 12 per year.
More information on CIC's website here
SUBSCRIBE TO BANK
Some banks, such as HSBC, have an extensive global network. It would be interesting to take out one of these banks for a long journey as this will completely avoid bank charges when you withdraw at the counter of the same banks.
THE PREPAID CREDIT CARDS
Prepaid cards have been around for a few years, I personally have never used it so I could not recommend a particular site, but I have met many travelers who had a prepaid credit card relief.
There are several advantages:
Rechargeable via the Internet; You or a loved one, can charge the credit card if you are running out of money from anywhere
No bank account required; You can easily and quickly take out just before a trip, use receipt
No document required to € 1,000
No management fees; these cards can be used anywhere in the world and no commission is charged when making a purchase
These cards are a great option if you are traveling, whether in standby board, or to manage your budget and avoid bank charges.
LIMIT THE NUMBER OF REMOVAL
Another reflex to have a trip, limit the number of withdrawals. As I said at the beginning of the article, each withdrawal incurs commissions and expenses. The most effective solution going forward is to make a large withdrawal that will allow you to take at least two weeks or more in the country where you are.
WITHDRAWALS LIMITED IN SOME COUNTRIES!
In some countries withdrawals are limited. In Indonesia, for example, many retailers deliver only 1.25 million rupees (about 100 euros) for each withdrawal. Nothing prevents you to put your credit card into the dispenser and make a second or third out, but each withdrawal is equivalent to a commission of 5 € 8 more.
Prefer to make a withdrawal at a bank counter!
THE COST OF CHANGE
It is usually better to remove your local currency into an ATM. Commissions that banks can take sometimes well below those of the currency exchange.
However if you do not have a choice, I recommend you change your money in banks rather than exchange offices and airports.
HIDE HIS CASH TO SEVERAL PLACES
Limit the number of withdrawal is equivalent to removing more and therefore end up with a lot of cash on you. That's why I urge you to avoid letting your whole liquidity in one place.
STORY
During a tour of Eastern Europe with friends I had in my wallet 800 euros in cash that fit my budget for the entire trip. Foolishly, in a way, my wallet fell out of my pack (do not try to understand, even I still do not understand today).
I'm looking at things positively, on the spot I wanted to hang myself.
Luckily my friends were able to advance me money so I can finish my journey normally, but I had to sell my laptop on my return for refund.
So a tip, always be sure to spread your cash in your luggage; Socks, toiletry etc ...
In conclusion, I would recommend to consider the issue of bank charges before leaving for a trip around the world or move to a country. These "small" fee, when properly managed, can allow you to travel longer.
These tips can of course apply for a shorter trip.
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