NEW YORK (AP)—Headed overseas for summer vacation? It’s easy to get hit with extra fees and expensive exchange rates when switching currencies.
Some currency exchange tables in airports and tourist areas offer bad rates, taking more of your money. And some credit cards and banks can add fees when you buy something with your card.
Your best bet is to bring a credit card that doesn’t charge currency exchange fees and some cash for backup. Most purchases should be done on the credit card, says James Gambaccini, a certified financial planner at Acorn Financial Services. That’s because credit cards offer fraud protection. If you lose cash, or it gets stolen, you won’t get it back. Lost credit cards, or fraudulent charges, are easily replaced or fixed, says Gambaccini.
“Walking around with a money belt and a large amount of cash is not relevant anymore,” he says.
Here are five tips to maximize your dollars:
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