Transferring money to, or spending money in, countries other than your own can often be an expensive experience.
The following money saving options may well reduce or eliminate the currency transfer charges, bad rates of exchange and slow transactions that are so often present in ordinary international bank transfers or cash withdrawals.
Get a Prepaid Debit Card
Get a prepaid debit card (Mastercard or VISA) in the currency of the place you are due to visit – for example Euros for Europe or USD (US Dollars) for the USA.
Getting prepaid cards is quick and easy and, depending upon their fee structure, can often represent significant savings from using your ordinary bank debit or credit card to make purchases and/or cash withdrawals in a foreign country.
Use A Currency Transfer Service
I use Tranzfers, the prepaid commission free online currency transfer service to move money from Australia to the UK whenever I need to do this. There is a flat fee, but you can charge up a transfer by choosing the exchange rate you want – unlike with a bank, who will offer you a poor rate or charge a commission. The fee is IRO £7 GBP (or currency equivalent) to make an international money transfer with Tranzfers.
Of course, the most cash clever way to go about this is not to spend money in other countries, but, if you do have to, always consider ways to eliminate excessive fees that are often associated with international money transfers.
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