Wednesday, 14 January 2015

Plastic Money when you Travel Overseas



Today, almost all banks and reputed financial institutions issues bank cards. These include both credit and debit cards, each coming with its own set of unique offers to gain popularity. While some lets you get a purchase on discount, others may offer cash back options. And while all this seams fine in your own home country, there might be a few exceptions if you plan to travel abroad. Usually, they work in most countries, along with all its premium offers. However, to reduce unwanted complications while travelling, it is always better to cross-check with your financial provider well in advance; this will give you enough time to look for redressal measures.  In case you plan to on getting a new card, look for plans that have attractive offers nationally and internationally. 

Travel Destination Homework

While travelling abroad, we might need to use the ATMs as well. So, it is important to know the popular card networks around the world. Maestro, from MasterCard, has one of the largest ATM networks in the world. The VISA network is also equally popular with a wide network; it also has the Plus network in some countries.
You will find their respective logos on your bank cards, letting you identify the network you come under. So, while using your cards at overseas ATMs, it is important to match the network, failing which your transaction might be declined. Most counties carry these popular names, nonetheless it is always better to check before travelling.
Both VISA and MasterCard cards have online network locators, for easy location search. And for instance, you will not be able to find a Maestro ATM in Turkmenistan nor will you be able to use your VISA card in Serbia.

Checking with Financial Institution or Bank

Be sure to check with your bank or financial institution, well in advance. They will be able to give you the clear picture of how you can use your card overseas. Apart from clarifying network connectivity, they might also be able to highlight bank card offers validity, special discounts, entry access to airport lounges and much more.  
The customer support team might also help you understand the foreign exchange rates and currency conversions fees, which are attracted on using your card abroad. These rates and fees largely vary, so ensure that you are able to maintain a balance to cover that, apart from your other expenses. While using your bank cards overseas, you might have to adhere to local usage and withdrawal limits, so it is always to better to plan your expenses ahead.