Bank transfer, money transfer or traveler’s checks, there are many solutions for paying abroad. But beware: not all of them obey the same rules. To avoid unpleasant surprises during your travels, here is everything you need to know before shelling out money abroad.
Did you know ? Payment in euros is accepted in 26 countries.
Withdrawal and payment by credit card
In the euro zone, you can make a withdrawal or a payment by credit card (Visa, Eurocard or MasterCard), with bank charges similar to those charged in France.
Outside the euro zone, things get more complicated. Depending on your bank and the country visited, fees and commissions may be applied during transactions or money withdrawals. To save money, you can apply for an international bank card, which will allow you to pay and withdraw at no additional cost. Ask your banker to find out if your card works abroad, to find out about the different rates applied and to possibly increase your authorized limits!
Convenient : to avoid adding taxes, we advise you to withdraw a large sum of money rather than making several small withdrawals.
Prepaid multi-currency cards
Accessible online and rechargeable at any time, multi-currency cards look like a classic MasterCard and allow you to pay or withdraw money using a confidential code. Neobanks like Revolut, N26 or Boursorama offer this option.
Good to know : these cards are not linked to a bank account! You cannot therefore exceed the amount credited!
Make a SEPA transfer or a cross-border transfer
SEPA transfers between countries in the euro zone will be billed to you under the same conditions as a national transfer. Conversely, international transfers carry variable exchange fees and commissions, which are generally borne by the sender. For this type of transfer, the execution time depends on your bank. On average, count 7 working days.
Opt for the international mandate
Practical and fast, international money orders allow you to transfer a certain amount of money in just a few clicks. Some approved companies allow this type of transfer to be made, such as Western Union or Money Gram. However, this operation can be very expensive (up to 10% of the transferred amount).
Have travelers checks
Accepted by a large number of merchants around the world, these traveller’s checks are pre-printed, one-time payment vouchers. They can also be exchanged for local currencies at banks and exchange offices.
What about classic checks? In EU member countries, this is quite possible. However, significant costs will be charged to you and few countries still accept this method of payment.
Pay in euros
In certain very touristic areas, certain merchants or monuments can accept payments in euros on the spot, as is often the case in Switzerland or Croatia. Watch out for the increased prices though!
Open a bank account abroad
If you plan to settle abroad for more than 3 months, you can open a bank account in the country of destination. To feed it, nothing could be simpler: make an international transfer, from bank to bank.
Obtain foreign currencies
Essential to pay on the spot, cash can be withdrawn before your departure, either at your bank or at an exchange office. The costs being very variable from one office to another, we advise you to compare them upstream, to obtain the best rates.
Do you need more cash on the spot? Don’t panic, you can also change your Euros into the local currency, at the airport or in town. In addition, fees will be higher in tourist areas.
Did you know ? Above 10,000 euros, you must declare your cash at customs.
I have some currency left, what should I do?
If you still have currency left when you return, you can usually exchange it in France. On the other hand, certain currencies cannot be exchanged, as is particularly the case for Tunisian (dinar), Vietnamese (dong) or even Cambodian (riel) currencies. Before leaving your vacation spot, find out about the exchange terms.
LR