How to safely use bank cards abroad and not lose money on conversion
When planning a trip abroad, most of us take care of tickets, hotels, and routes, but often forget about one important question – how exactly to pay for purchases, bookings, and services outside Ukraine. Bank cards are a convenient tool, but different types of cards have their own features, limits, and hidden fees. In this article I will explain which card is better to take with you, how to avoid extra costs on conversion, and what you need to know so that your finances work for you even while traveling.
Are you going abroad? And you probably already know how you will pay for purchases, tickets or services there? When planning a trip, it is important to think not only about tickets and hotels, but also about how your bank cards will work abroad. The currency legislation of Ukraine sets limits on operations abroad, and it is better to know this in advance to avoid unpleasant surprises. Debit, credit, foreign currency, multi-currency cards – there are many types of cards, and choosing the best one is not always easy. Moreover, banks often promise “wonderful conditions without commissions”, but in practice things are different. In this article we will review the pitfalls and nuances and give practical advice on how to save money when paying abroad and not lose it on currency exchange.
Types of cards and differences
1. Regular debit hryvnia card
- A bank card linked to your personal account in hryvnia.
The most popular option is simply to take your Ukrainian card that you use every day. But keep in mind: when you pay in Europe or anywhere else, the bank converts hryvnia into the local currency – and this is often not profitable. Especially do not withdraw cash – on commissions and conversion you can lose 5-7 percent from each amount.
Lifehack: if an ATM or terminal asks in which currency to withdraw – always choose the local one, otherwise you will lose even more on the exchange rate.
2. Foreign currency card
- A bank card linked to an account in foreign currency (for example, USD or EUR).
If you are going to a country where payments are in euros or dollars – it is better to have a foreign currency card. You pay directly – and no extra charges for conversions. But if you go with such a card to Turkey or Egypt, there will again be conversion and additional fees.
3. Credit card
- Allows you to use the bank’s credit funds, meaning you spend money that you do not have in your account, within the established limit.
Convenient for unforeseen expenses, but often more expensive than a debit card. Most banks also do not provide a standard grace period for foreign expenses.
Important! If you plan to rent a car abroad – always take a personalized credit card with you. Most rental companies will not give you a car without a credit card, or will force you to buy more expensive insurance and leave a larger deposit. With a debit card, they often require many additional documents – for example, photos of your documents, proof of address, may increase the deposit or delay issuing the car. Also check that the name on the card matches the name in the contract – this can save you time and nerves at the rental counter!
4. PrivatBank and Monobank cards
A classic choice for Ukrainians traveling abroad. You can pay by card contactless, via terminal or even with your phone.
But the exchange rate in Ukrainian banks is often worse than the market one by 2-9 percent, so calculate carefully, especially for large amounts.
5. Wise and Revolut – multi-currency accounts
- These cards are for those who often travel or work with foreign clients.
Wise allows you to pay and withdraw money in more than 40 currencies with minimal fees.
Revolut supports 150 currencies, converts them at the real exchange rate, withdrawals of up to 230 euros per month are free.
Cash withdrawal and card payment limits abroad
Hryvnia card:
- You can withdraw up to 13,000 UAH (280-300 euros in Poland in 2025).
- For each withdrawal, an additional conversion fee is charged and everything is calculated according to the bank’s exchange rate (which is often not very favorable).
Foreign currency card:
- The limit is much higher – you can withdraw the equivalent of up to 100,000 UAH per month.
- If you withdraw in the currency of the card itself (for example, euros in Europe), commissions are minimal and the exchange rate is better.
Regarding payments in stores/online there are nuances. You will not lose much.
- Hryvnia cards have a general limit: usually 90-100 thousand UAH per month, then a block or increased commission.
- Foreign currency cards for purchases have very large limits, or do not restrict operations at all. Therefore, using a foreign currency card abroad is more advantageous.
And there are restrictions for all cards – MCC codes:
Bans or additional limits apply to casinos, gambling, cryptocurrency payments, and separate financial services.
Cash withdrawal limits abroad
| Card type | Limit | Fees/Conversion | Features |
|---|---|---|---|
| UAH Cards | Maximum up to 13,000 UAH for 7 days | Additional conversion fees | Conversion to the country’s currency at the bank’s exchange rate |
| Foreign currency cards | Up to 100,000 UAH equivalent per month | No conversion fees when withdrawing in the card’s currency | More favorable exchange rate |
Settlement limits
| Card type | Month limit | Fees/Conversion | Особливості |
|---|---|---|---|
| UAH Cards | 90 000 – 100 000 UAH (depending on the bank) | Conversion + additional fees for foreign currency operations | Restrictions for all purchases |
| Foreign currency cards | Usually no strict limits | Minimal fees | Best option for large purchases |
Interesting! Beware of the trap!
DCC (Dynamic Currency Conversion) – is dynamic currency conversion. It is especially often used in hotels, restaurants, ATMs, supermarkets. It occurs when paying by card abroad, when you are offered to choose the currency in which the amount will be debited.
- in the currency of the country (local currency), for example, Czech crowns. Or in the currency of your card (for example, dollar or euro). Even if your card is in hryvnia, the POS-terminal usually offers payment in dollars or euros as an alternative to local currency.
Example:
Imagine: you are in the Czech Republic, the terminal offers to debit 100 crowns or 4.77 dollars. If the card is in dollars, but this is a trap – the conversion is not done by your bank, but by the seller’s terminal at its own rate, often with a 5-10 percent markup, so instead of 40 euros for 1000 crowns in Prague, you will pay 44 and simply lose the difference “in the air”.
That is why never agree to DCC, because the rate is always worse, they can add an extra commission, and the bank is powerless here, so the main rule is simple – always choose payment in the currency of the country you are in: in Poland zloty, in the Czech Republic crowns, in Italy euro.
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Avoiding double conversion
| Problem scheme: | Correct approach: |
|---|---|
| 1. Hryvnia → Dollars (in Ukraine) | 1. EUR → card in Europe |
| 2. Dollars → Euro (abroad) | 2. USD → card in the USA |
| Double loss on exchange rate differences | Minimization of the number of conversions |
Conclusion
Remember: transactions in the currency of the country you are in always go through your bank’s exchange rate.
- Main currency card
- Use it for large daily expenses.
- It is optimal to have a card in the currency of the country where you are making payments, or a multicurrency card that automatically recognizes the transaction currency.
- Backup card from another bank
- Has an additional limit in case of unforeseen expenses.
- Allows you to increase the total available limit: for example, instead of one limit of 100,000 UAH, you can have 200,000 to 300,000 UAH if you split cards between different banks.
- Avoid paying abroad with a UAH card
- Due to double conversion it is expensive: the bank first converts UAH into the transaction currency and then again into the terminal’s settlement currency, adding a fee.
- It is better to use a foreign currency or multicurrency card.
- Pay in the local currency
- Always choose the option to charge the payment in the local currency.
- Payment in UAH often adds 4 to 8 percent of extra costs due to conversion.
- Keep the POS terminal receipt
- A receipt will help dispute suspicious charges with the bank.
- This is especially important when the bank might charge more due to double conversion (for example, in Poland: UAH → euro → zloty + fee).
How does this work in practice? The terminal or payment system records the amount in the transaction currency, blocks it on the account, and your bank performs its own conversion and adds a fee. In the statement you will only see the final result – and it is often slightly higher than the price you saw on the receipt. A multicurrency card and attentiveness to the transaction currency are the main helpers so you do not end up “caught” on an unfavorable exchange rate.
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