How can I avoid unnecessary currency conversion fees? | Ask Banky

Editor-in-Chief Mohamed Salah

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Editor-in-Chief Mohamed Salah

How can I avoid unnecessary currency conversion fees?

Asked by Banky team 2 months ago
Banky team Reviewed editorial answer

To minimize currency exchange costs, first determine the currency your card will be charged in, the exchange rate, and any FX markup or international fees charged by your bank.

Steps

  1. If an ATM or merchant outside Egypt offers payment in Egyptian pounds instead of the local currency, carefully check the rate before accepting your DCC, as it may be more expensive.

  2. Avoid unnecessary currency conversions between accounts or cards, and compare the cost of card purchases with cash withdrawals, as withdrawals may incur additional fees.

  3. Fees and limits vary from bank to bank, so check the current fee schedule before traveling.

The figures, fees and limits in this answer vary by bank and change over time — confirm them with your bank or the official source before acting.

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