✈ The Correct Answer to a Common Travel Question, JetBlue Trims Service to London and Paris & More News From TPG ✈

May 9, 2024

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Avoid paying in US dollars when traveling abroad

by Katie Genter, Lead writer

When paying for anything with a credit card outside the U.S., you should be asked whether you want to pay in U.S. dollars or the local currency.

The merchant might ask you, or the payment terminal might force you to select. But there’s only one correct answer: the local currency.

By opting to pay in the local currency, your bank will convert the charge at the current exchange rate. If you pay in U.S. dollars, you’ll pay more in the end due to the poor exchange rate offered by dynamic currency conversion.

Whether you take money out of an ATM or pay for a purchase with a credit or debit card, DCC works the same, and you’ll lose 3%-5% during the conversion. And, if your card has a foreign transaction fee or foreign ATM fee, you’ll stand to lose another 3%-5% on top of that.

And no, paying in U.S. dollars won’t let you avoid paying foreign transaction fees if your card carries them. Foreign transaction fees aren’t levied when you pay in a foreign currency, but when you make a purchase that’s processed by an overseas bank.

Merchants should ask you before charging you in a currency different from the local one. So, check your credit card statement when you return home to ensure all your purchases posted as you expected, and contact your issuer if a merchant didn’t post a charge in the currency you selected.

Check out the following stories to prepare financially for upcoming trips abroad:

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Photo Credit: Dusanpetkovic/Getty Images.

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Today’s top stories

JetBlue trims London, Paris and New York LaGuardia service; doubles down on San Juan

JetBlue announced a network adjustment Wednesday, trimming service from New York's LaGuardia Airport, and to London and Paris. But it's adding service in San Juan, Puerto Rico.

Fly business class this summer to Italy, Spain and Austria from $2,740 round-trip

Airlines such as Condor, American and Swiss are offering round-trip, business-class flights to popular destinations for less than $3,000.

Chase Sapphire Preferred vs. Amex EveryDay Preferred: A $95 annual fee showdown

For a limited time, you could earn 75,000 bonus points on the Chase Sapphire Preferred card.

New cruise port opens in Alaska — sort of

A Seabourn cruise ship was the first to visit this new Alaska port destination.

Bilt Rewards adds Hilton Honors as a new transfer partner

You can now transfer Bilt Rewards points to Hilton Honors. Here's what you need to know, including how to earn an extra 1,000 points when you complete a transfer.

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10.	High-gloss glamour: A review of the W Taipei in Taiwan

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