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Business Insider
a day ago
- Business
- Business Insider
3 ways to avoid getting burned by exchange rates and fees when traveling overseas this summer
If you earn your paycheck in US dollars, it's a tough time to be traveling abroad. As foreign investors turn away from US assets amid President Trump's trade war and a growing national debt, the value of the US dollar relative to other currencies is down by around 10% since Inauguration Day to its lowest level since early 2022. But if you're not careful, your effective exchange rates can spiral higher. Chris Kawashima, the director of Charles Schwab's Financial Planning division, recently shared three ways to save money on your next trip when it comes to foreign exchange rates and transactions. First, be aware of foreign transaction fees associated with your credit or debit card, Kawashima said. Many credit card companies will charge up to a 3% fee. On top of that, the bank behind your credit card company may also charge a similar fee. Some common credit cards with no foreign transaction fees include the Chase Sapphire Preferred Card, Citi Strata Premier Card, and Capital One Venture Rewards Credit Card. Card readers will also sometimes offer you the option to pay in the local currency or in USD. In those cases, pay in the local currency, Kawashima said, because the exchange rates are usually poor and will leave you paying a higher price in the end. "Many travelers are enticed by the convenience and familiarity of receiving bills—at restaurants, for instance—in U.S. dollars," Kawashima said in the post earlier this month. "But this new trend, called dynamic currency conversion, can come with an unfavorable exchange rate, transaction fees, or both." A good way to avoid fees altogether is to pay in cash. But getting hold of foreign cash without paying a hefty price can also be challenging for two reasons: exchange fees and unfair exchange rates. To avoid steep fees, perhaps minimize how many times you're getting cash out. You may also want to get the cash before you leave at your bank or credit union, which usually offer some of the best exchange rates available, Kawashima said. "It's best to check ahead, however, to confirm that they have the foreign currency in hand as well as to check on the conversion rate," Kawashima said. "Once you arrive at your destination, you might be able to get a decent exchange rate at your hotel as well."
Yahoo
15-05-2025
- Business
- Yahoo
Last call: Get 100,000 points with a new Chase Sapphire Preferred Card welcome offer
The Chase Sapphire Preferred® Card's 100,000-point welcome bonus is coming to an end: The limited-time offer will expire at 9 a.m. EST on May 15, 2025. The current 100k offer is one of the Sapphire Preferred card's best-ever welcome bonuses. After you apply, you will need to spend $5,000 on your new card within the first three months of account opening to earn it. In exchange, you can unlock as much as $1,250 toward future travel. The Chase Sapphire Preferred is one of our favorite travel credit cards, and it's even more valuable with this welcome offer. If you've been considering a new rewards card for an upcoming vacation, now is a great time to compare how your spending and travel habits match up with the Sapphire the past few weeks, we've analyzed all the details you need to know about the Chase Sapphire Preferred's 100k bonus offer. Below, find our tips for deciding if this offer is right for you and making sure you qualify. And, of course, how to maximize your bonus points for the greatest redemption value. 100,000-point welcome bonus for new Chase Sapphire Preferred cardmembers How to use the Chase Sapphire Preferred 100,000-point bonus Who is eligible for the Chase Sapphire Preferred 100,000-point bonus? Learn more about the long-term value of your new Chase Sapphire Preferred Card: Is the Chase Sapphire Preferred Card worth it? The best benefits of the Chase Sapphire Preferred Card Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to the Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank's website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
