She Strengthens

Navigating Financial Pitfalls Abroad

When I left the comforts of Seattle, Washington, to start a new life in Taiwan, I thought I had my finances under control. Little did I know that managing my money in a foreign country would be a whole new ball game.

The Struggle is Real

Unemployment, frivolous spending, and poor tracking of my bank accounts led to a mountain of debt and financial stress. I had to relearn hard lessons about managing my money, and it was a painful process. I often found myself dwelling on past mistakes, wondering what I could’ve done differently. But I’ve come to realize that every mistake holds a valuable lesson.

Lesson 1: Be Aware of Sneaky Bank Fees

Before moving to Taiwan, I used my debit card frequently, which helped me meet my bank’s minimum requirement for a “free” account. However, in Taiwan, I stopped using my debit card due to foreign transaction fees. Unbeknownst to me, I was paying a $10 monthly maintenance fee for my checking account. After discovering the fee, I had my parents help me contact the bank to switch to a more sustainable account with a lower minimum balance requirement.

Lesson 2: Don’t Be Afraid to Ask for Help

Banks can be unforgiving, but they’re run by people who can be understanding. If you’re struggling with fees or account issues, don’t hesitate to reach out to customer service. It may take some effort, but it’s worth it to resolve the issue. I learned this the hard way when I was charged a fee despite having enough money in my account. A simple phone call to the bank resolved the issue.

Lesson 3: Invest in a Solid Travel Credit Card

Having cash on hand is essential in Taiwan, but using credit cards can come with foreign transaction fees. I discovered that my travel credit card, the Capital One Venture Card, doesn’t charge these fees. This has been a game-changer for my finances. If you’re planning to travel or live abroad, make sure you have a way to access your money without incurring unnecessary fees.

Lesson 4: Watch Out for Dynamic Currency Conversion Fees

Even with a travel credit card, I still fell prey to dynamic currency conversion (DCC) fees. This occurs when you choose to process a purchase in a foreign currency, and the company charges you for the “convenience” of converting the currency. To avoid this, always choose to pay in the local currency.

The Takeaway

Managing your finances abroad can be challenging, but it’s not impossible. By being kind to yourself, taking action when problems arise, and learning from your mistakes, you can navigate the complexities of international finance. Remember, it’s okay to ask for help, and it’s essential to stay vigilant about fees and account issues. With time and practice, you’ll find your footing and become a pro at managing your money abroad.