On holidays abroad, better pay by credit card

On holidays abroad, better pay by credit card

With the summer coming to Ecuador is a good time to remember some tips when taking our bags and traveling abroad . The OCU recommends using  credit cards and debit cards as payment on trips, also abroad . “Outside the euro area exchange rates applying cards are more favorable than in the currency exchange cash , ” says the consumer organization.

While it is good advice to carry cash in your pocket (but not much to minimize risk of theft or loss), plastic money has its advantages because the exchange rates applying cards for payments outside the euro area generally be more favorable than those applied by the exchange. So that you can also use to, if necessary, withdraw money from an ATM.

The OCU has prepared a small guide of tips for organizing advance payment means and have a smooth journey:

– Should not hold a credit card, ask enough to ensure that the will in time for the journey ahead.

– If you already have a card, be aware that most entities have established currency exchange fees apply to both purchases and withdrawals at ATMs outside the euro area. And these commissions vary between 1% and 3% of the purchase amount or extraction, the bank and the card. Ask your office to avoid surprises. The Bank of Spain indicates that “exchange rates are free and are market rates that may change at any time, but the official exchange rates of the euro that the European Central Bank published”.

– See also what fees charged for cash withdrawals at ATMs abroad. Typically they charge less with debit cards than with credit, but in any case are usually high (up to 5% of the money is withdrawn and may have a fixed amount).

There is a fee for purchases abroad: can reach 5% and are expenses charged by entities for paying with cards purchases are made in countries with currencies other than the euro.

– Determine in advance the money you will spend and, if necessary, extend the card limit to avoid depleting the balance, especially when booking the trip, and pulled the card to pay.

– You should take a second card to pull him trouble if his usual deque fails or is lost.

In compliance with current European legislation, entities available to customers throughout the European standardized information (INE). There you will find information associated costs and commissions.


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