Paying abroad may involve extra charges. Which is the cheapest option? Paying in cash or by debit or credit card? VRT consumers’ desk collected many handy tips.
It’s an unfortunate truth but spending money when travelling abroad is unavoidable. Worse still, it can cost you more than at home, as your bank often charges fees when you withdraw money or pay with your bank card abroad, especially if you travel outside the eurozone.
VRT Consumers tells you what to look out for to reduce your banking costs abroad.
Beware! Bank cards do not always work abroad
Abroad you can’t always just use your bank card to pay like at home. Debit cards are blocked by default outside the geographical continent of Europe. So if you travel beyond Europe, you need to have your card unblocked. Some banks require you to go to the branch to do this, but often you can also do it online.
Some credit cards can't always be used in faraway foreign countries. If you are travelling to the United States, it is also best to check with your bank to make sure you can use your bank card(s) there.
Withdrawals cost money
If you travel beyond the euro zone, you can order foreign currency from your bank in Belgium in advance. Not every single bank branch has foreign currency ready to hand. You will need to order it in advance and your bank will charge you. So it's better to withdraw cash abroad.
Within the euro zone, you can usually withdraw cash for free, unless you have a bank card that also requires you to pay for withdrawal from other banks in Belgium. Then withdrawals abroad will also be charged. But beware. The operators of ATM networks abroad, often also charge a fee. But that is not a fee charged by your own bank.
Withdrawing money in countries outside the eurozone usually costs more. How much more, depends on the country and on your bank. Each bank charges different fees. So check in advance with your bank what their rates are, and for which card they apply. Sometimes you pay per transaction, in which case it is better to withdraw one large amount instead of several smaller amounts at different times.
Pay in the local currency
If you pay with your bank card outside the euro zone, you will be given a choice: pay in euros or in the local currency. The local currency is usually the cheapest. The retailer and the bank determine the exchange rate, and it will almost always be a poorer rate if you pay in euros.
Note that Belgian payment apps do not work abroad. Each country has its own apps.
Has your card been stolen? Then get it blocked. You can call Cardstop from abroad on +32 78 170 170.