I know this is a bit off subject, but I thought it was worth mentioning. Most credit card companies have now implemented alerts systems which allow you to define a transaction limit amount that triggers an email or SMS. Since most thieves attempt to charge high value items this is a great way to find out if someone has gotten a hold of your account number. On my last trip to Europe I received an alert from Chase for a high value transaction which was made in Japan. I did not even have the card with me, but was able to call Chase collect, and have them cancel the card. By the time I got home, I had a new card waiting for me.
On this trip I used my Capital One credit card. They have an international transaction alert option. It was extremely helpful and unbelievably fast. Every time we used our credit card, I would receive an email within 30 seconds of the transaction's completion with the US Dollar amount and location. When you are abroad you are always guesstimating the amount in US Dollars, but with this feature you can easily validate that you were charged a valid amount while you are in the vicinity of the retail establishment.
Email alert on my iPhone.
On the fee side, it amazes how diverse international transaction fees can be. I chose Capital One because they have no transaction fee and from my calculations the bulk foreign exchange rate follows what you find in the Wall Street Journal. I found this great WIKI which lists what providers charge on international debit and credit transactions. As with everything, you should always call the institution directly to make sure your account provides the benefits described.
Comments