Best Cards for International Travel — Stop Losing Money on FX
Reviewed by Thomas & Øyvind — NorwegianSpark
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Most people obsess over rewards rates and ignore the bigger leak when traveling: the exchange rate and foreign transaction fees. A 2% rewards card that charges a 3% FX fee is losing you 1% abroad.
Step One: Kill the FX Fee
Many cards charge 2–3% on every foreign-currency transaction. Over a two-week trip that is real money. The fix is simple — carry at least one card with zero foreign transaction fees and use only that one overseas. This single change usually saves more than any rewards optimization.
Step Two: Control the Exchange Rate
Even no-FX-fee cards convert at the network's rate, which carries a margin over the true mid-market rate. A dedicated multi-currency account converts at or near the real mid-market rate and lets you hold and spend in local currency. We use Wise for exactly this — load it, convert at the real rate, spend abroad without the bank's markup. The savings compound on every transaction.
Step Three: Always Pay in Local Currency
When a foreign card terminal offers to charge you in your home currency ("dynamic currency conversion"), decline it — that convenience hides a terrible exchange rate. Always choose the local currency and let your card or Wise account handle the conversion.
The Combo That Wins
A no-FX-fee rewards card for the points, paired with a multi-currency account for the actual conversion, beats any single card. You earn rewards and convert at the real rate.
The cheapest way to spend abroad is rarely the flashiest card — it is the one with no FX fee plus honest exchange rates. Not financial advice.
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Frequently Asked Questions
How do I avoid losing money on currency when travelling?
Carry at least one card with zero foreign transaction fees and use only that one overseas, then handle the actual conversion through a multi-currency account that converts at or near the real mid-market rate. The no-FX-fee card earns rewards; the currency account avoids the network markup.
Should I pay in local currency or my home currency abroad?
Always choose the local currency. When a foreign terminal offers to charge you in your home currency (dynamic currency conversion), it hides a poor exchange rate — decline it every time.
Is a no-foreign-fee card enough on its own?
It removes the fee, but even no-FX-fee cards convert at the network's rate, which carries a margin over the true mid-market rate. Pairing the card with a multi-currency account for the conversion captures both the rewards and the better rate.