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Half of my cards have no foreign transaction fees. I’d just get a new card
Nothing with the right credit cards. There are plenty of credit cards with zero foreign transaction fees. There are also banks and debit cards that will let you take money out without paying transaction or service fees
It’s usually not better to pay in cash unless a specific country has limited credit card usage because the conversion fees will be higher.
Rising Star
It’s not about the fees. It’s about the conversion. The conversion rates for most ATMs are awful.
For example, never use an airport ATM or one in a high tourist location. At least this is true for Europe
You need to find out what the terms and agreements are on your credit card. Some charge some do not.
For those saying, to get cash, usually your cash advance rates are higher than your purchase rates and you pay those back last unless you pay off in full.
I would never recommend getting a cash advance. When I said get cash, I meant via an ATM/debit card
If they ask if you want to pay in dollars or local currency, say dollars. If it’s local currency, they pick the exchange rate. If dollars, your card co should give you the best rate.
Pro
BA1: I know it’s specific to the card. I tried to denote this by saying “a lot of credit cards” and “example”.
I think we are just confused by how you are viewing purchasing something in local currency as being a cash advance. Do you mean “using your credit card to withdraw money from an ATM in local currency is a cash advance”? I don’t think anyone here is recommending doing that. What we are referring to is when you go to pay using a credit card, a lot of vendors will have an option to (example) “pay €100 or $113”. The exchange rates offered by that given vendor are almost always worse than the exchange rate your card would charge to convert that €100 into USD (closer to $105, plus exchange conversion fee, plus transaction fees if applicable).
Additionally, if your card is one with foreign transaction fees, then you are likely to get charged a fee anyway because the charge originated oversees. (Again, this is card specific and spelled out in your T&C, but the one I listed earlier is an example) So you get the double whammy of a transaction fee and a poor exchange rate.
Re: living abroad, I’m referring to living in Europe, with an American credit card, issued through an American bank, while being paid in USD. I promise I know what I’m talking about.
I use atm to withdrawal cash (always choose local currency instead of letting your original make the conversion). For big purchases, say USD$500 or more, I would use my credit card just for protection, even if it charges a transaction fee.
Normally its around 3%. If you ever use your card and asked if you want to get charged in local currency or in dollars, select local currency as they may charge you extra, 5% in my experience.
Many cards do not have transaction fees, get a card that doesn’t. My Amex and Capital One Venture cards do not have foreign transaction fees