Minimizing Your Taxes and Managing Your Complex Affairs

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Watch out for Fees For Overseas Travel

Summertime is almost here. Besides making travel plans, make sure you plan for banking charges on international trips. Alert your credit card companies before you go as they may view foreign charges as suspicious due to the amount of overseas credit card hackers.

·         Watch out for foreign ATM fees which typically charge a usage fee plus a currency conversion fee (1-3%). If a bank has overseas branches generally the ATM fee is waived.

·         Find out if you can reduce your bank fees when traveling. For example, Bank of America waives ATM fees for banks in the Global ATM Alliance.

·         Pay in local currency to avoid surcharges for merchants who accept foreign currency.

 

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Richard Pon CPA, CFP