For a long time, credit cards were the best way to pay for foreign purchases. The credit card companies exchange large amounts of foreign currencies so have excellent exchange rates they used to pass along to you. That has changed. Now most credit cards tack on a foreign exchange rate fee – for Citibank and Chase 2% and AMEX 1%. On a recent trip to Belize, we found exchanging cash yielded a MUCH better rate than using credit cards.
Credit Card Exchange Fees on the Rise
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