Watch out for credit card fees when overseas, Aussies warned

Thursday 17 March 2011

Article by Mozo

Australian jet-setters looking forward to their next holiday with relish have been warned that excessive currency charges could soon come into effect when changing money, with analysts forecasting that the dollar will fall.

Aussies 'should be be vigilant about credit card fees when abroad'

However, those wanting to avoid having to pay hefty credit card fees have been advised by the Sydney Morning Herald to consider exchanging half their cash now to take advantage of positive exchange rates.

"The key is to get a good spread on the foreign exchange transaction and not be burdened with too many fees," it observed, adding however that anyone on a tight budget would do well to change more than half their travel purse now.

In addition, the news source suggested foreign exchange trading sites with hedging facilities and foreign currency exchange traded funds for the more adventurous holidaymaker.

People looking to compare credit cards may also want to consider the new iPhone development that allows users to make purchases of up to $100 when waving their handsets in front of a contactless payment reader, Business Review Australia reports.

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