Buying foreign currency with a credit card means you might be charged interest, even if you pay off the amount in full each month.
You might also face extra charges and fees from your card and travel money provider.
Can I buy travel money with a credit card?
Don’t buy travel cash or load a prepaid card with a credit card. Buying currency is counted as a cash withdrawal, so you could face a myriad fees, including cash withdrawal fees, interest, or even a fee for using a credit card charged by the money changer.30 Jul 2019
What is the best way to buy foreign currency?
If you’re on a mission to save money, here are the cheapest ways to purchase foreign currency.
- Stop by Your Local Bank. Many banks and credit unions sell foreign currency.
- Visit an ATM.
- Consider Getting Traveler’s Checks.
- Buy Currency at Your Foreign Bank Branch.
- Order Currency Online.
20 Nov 2018
Can I buy foreign currency with American Express?
You can use your American Express Card, or purchase foreign currency or American Express Travellers Cheques from us before you leave.
Do credit cards give good exchange rates?
To get the best currency exchange rate, swiping your credit or debit card for purchases when overseas is probably your best bet. Regardless of your credit card issuer, credit card exchange rates are the same across the board because they’re determined by the major networks — Visa, MasterCard and American Express.14 Jul 2015