How to Reduce the Cost of Shopping Overseas
Overseas travel is not an inexpensive venture. Whether traveling for personal pleasure and vacation, going on a business trip or even studying abroad, having a few key ideas in mind to help reduce the expense of shopping while overseas will make a big difference in the final cost of the trip. Here are some of the top tips on saving money overseas taken in part from the range of guides.
Obtain a Prepaid Card in the Country’s Currency
A prepaid debit card that is set to provide funding in the currency of the country will eliminate added fees and costs that come with conversion rates and using credit cards for major spending.
A credit card will often add a conversion fee and an added cost for the use of the card in a foreign country. Depending on the specific card, it might not even be accepted overseas and if it is accepted, the added fees can add up quickly.
Even a debit card will average around three percent in added fees, depending on the particular bank. Few cards are available from the United States that will not add to the expense of purchases by putting an extra fee or cost on the account.
By using a prepaid card in the currency of the country, it is possible to make payments without the added cost. The prepaid card has a set limit and is already converted into a different currency, so it will not need to add conversion costs to the calculation.
Depending on the amount of spending and size of the purchase, the exact savings will vary. In many cases, it will save between three and five percent or more in added costs.
Buy in Bulk
Buying a large amount of items when it is necessary from the same vendor and at the same time will often result in added savings while shopping overseas.
Buying in bulk is not always the appropriate action, but when it is necessary to obtain a large number of the same item, making a bulk purchase has its purpose.
Bulk purchases ultimately have a lower cost per unit than buying the items individually. Furthermore, it will ensure that particular needs are met while staying overseas.
Go to Local Markets
Many overseas destinations have markets that sell goods and food items. Going to the local market will often result in major savings when compared to buying from a mall or store with set prices available.
While the local markets might seem to try charging extra, it also leaves room for negotiation and in many countries negotiating on the price is an expectation.
Foreign visitors who stand out should expect slightly higher initial pricing when shopping in a local market than is offered to locals, but even that price is usually much less than buying from malls and stores.
Negotiate on Prices
Shopping in an overseas location that does not have set prices listed will often result in working on the art of negotiation. Locals expect some haggling over prices and the salesman or woman will initially start the pricing at a higher rate than they expect to receive.
Haggle with the individual by offering a lower price that seems too low. In most cases, the local seller will suggest another price that is less than the original and more than the offered amount. Continue in this way until the price for the item seems fair.
When buying from a local market or any shop that does not have set prices, haggling is a usual practice in many countries. Learning a few negotiation skills that will help bring down the prices on the items will have a positive impact on a wallet.
Reducing the cost of shopping while spending time overseas is not always a simple task. Depending on the destination, the added costs can vary.
Fortunately, many local markets and careful planning to minimize the use of credit or debit cards will have a positive impact on the ability to save more while still getting those amazing souvenirs.