When you’re going abroad on a business trip, choosing the best card to use is very important. Typically, you either bring a company debit card, a prepaid travel card or a credit card to pay for expenses during your trip, there is always the risk of trouble – whether it’s being overcharged or running into issues with paying.
Some important fees to watch out when using your card abroad:
- Exchange rate currency fee — Don’t let yourself get into the situation of being ripped off by transaction fees when you travel. This can often be up to 3% of the transaction amount depending on the card used and this can quickly add up. However, when you use an Expend Mastercard you can travel stress-free without the worry about being overcharged for currency exchange on your trip. Many Expend customers enjoy our 0% markup fee and often claim that this is one of the reasons they love us.
- Cash withdrawal fee — If your company’s expense policy allows, it is often a good idea to have petty cash for minor expenses. Depending on where you are, the number of retailers that accept card payments may not be as high as we enjoy in the UK. Additionally, you should always choose the “without conversion” option when withdrawing money abroad.
Keep your bank informed before you go on a trip
Banks can freeze your credit or debit card when you’re abroad, often in an attempt to prevent fraud or unauthorised access, especially if you’ve never used it abroad before. But this can cause obvious frustration if you cannot access your own funds during your trip, so as prevention is better than cure, calling your card provider in advance to inform them about your travel plans could save you a lot of frustration.
Always choose to pay in local currency during your trip
Another important information to remember is, many overseas merchants, hotels and ATMs abroad ask this when you pay by card. Never let the overseas retailer do the currency conversion as the rates are often poor compared to your own card.
Be aware of the pre-authorization on the cards
Most hotels and companies in the travel industry use card pre-authorization for security guarantee to ensure that customers pay for the services they use. This might block a large sum of money on your card, thus causing you inconvenience if not released promptly.
Remember to settle your credit card bills after the trip
When you are using a credit card, always remember to pay it off every month. Although this can be challenging with all the reconciliations, doing expense reports and trying to finish on time, paying back the money you borrowed in full not only saves you the amount of interest, but also boosts your overall credit score. Perks are always nice, but be careful not to end up paying more interest than the travel rewards points or cash-back amount you will be getting from your credit card provider.
Additional benefits of using an Expend card when travelling;
- Use the apps to submit expense claims from anywhere during your trip within seconds.
- Track employees spend in real-time where ever they are in the world
- Instantly freeze cards, restrict ATM withdrawals and other transaction types
- Set budgets for trips
- No more carrying receipts around or the risks of losing them when you are travelling.
- Seamless integration with your accountancy software so it saves time to do manual expense reports.
Looking for more information? Here’s another helpful article of the quick Expend guide to business spending in Europe.
Find out the advantages of doing expenses with Expend card Vs a company card here.