Payments on vacation: FMA gives valuable tips

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Traveling is nice, but there are often unpleasant surprises when paying abroad. In the current edition of its consumer information series “Let’s talk about money!”, the Austrian Financial Market Authority (FMA) offers helpful tips for safe and cost-effective payments on vacation.

It is recommended to exchange euros into the local currency in the destination country or to withdraw them from cash machines (ATMs) locally, as payments in euros usually have unfavorable exchange rates. Credit cards should only be used for cash withdrawals in emergencies as high fees may apply. Travelers should check in advance whether their debit or credit card is restricted by security functions such as GeoControl in the destination country and, if necessary, have these restrictions lifted. It is also important to always have the card blocking contact details to hand. When traveling within the EU, cash worth 10.000 euros or more must be declared to the customs authorities. This and other information from the FMA helps to prevent unpleasant surprises when paying abroad.

Photo: Pixabay.
Photo: Pixabay.
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