How to pay abroad without unnecessary fees
Holiday season is here and many of you are getting ready to travel beyond Slovakia’s borders. We’ve prepared some tips to help you enjoy your vacation without unnecessary financial worries.
Carry some cash and at least one payment card
Experts agree that when traveling abroad, it is a good idea to carry some cash and ideally two payment cards. One of them should be an embossed or credit card. Embossed cards are more widely accepted abroad. You can even use them at merchants who do not have a standard payment terminal but use a so-called imprinter instead.
Additionally, car rental companies often charge a non-refundable deposit when paying with a debit card. Using a credit or embossed card can help you avoid this extra fee.
Card payments abroad
Always pay by card whenever the option is available. Cashless payments are much safer, not only abroad but in general. They carry significantly fewer risks compared to cash transactions.
Of course, even with card payments, it is important to follow some basic rules:
- always check the charged amount before entering your PIN,
- choose to pay in local currency, as conversions to euros usually include additional fees,
- enter your PIN discreetly to prevent others from seeing it,
- never let a merchant or waiter take your payment card out of your sight,
- enable SMS or push notifications and if you notice any transactions you did not make, contact your bank immediately.
Cash in local currency
It is almost impossible to avoid using cash entirely while on holiday. You may need it for small purchases, such as souvenirs, in beach stalls or in public transport. If you are travelling to a country outside the eurozone, exchange money only at trusted places such as hotel receptions or local banks. Currency exchange offices in tourist areas usually offer less favourable exchange rates.
According to experts, the most cost-effective option is to withdraw cash from an ATM. When doing so, it is better to use a debit card. Credit card withdrawals often come with higher fees. Try to find ATMs that belong to the same financial group as your bank. This could make your withdrawal cheaper or even free of charge.
Restrictions on cash in foreign currency
Some countries restrict or even prohibit the export of their national currency abroad. Because of this, it may be difficult or impossible to exchange certain currencies in Slovakia. Avoid withdrawing large amounts of cash while abroad.
Final tip
If you are planning a holiday to a more distant or exotic destination, we recommend informing your bank in advance. Your bank's monitoring system may mark a payment in such a country as suspicious and could block your card as a precaution.
It is also a good idea to check your card limit settings for both ATM withdrawals and online purchases. Setting appropriate limits can help protect your funds in case your card is lost or stolen.