Hidden credit/debit card costs abroad

by Richard Kilner

Story link: Hidden credit/debit card costs abroad

Research conducted by uSwitch reveals that Britons will spend £23bn using credit and debit cards whilst on holiday this year.

However, most travellers are unaware that banking costs incurred, in total, will amount to £686m.

The majority of consumers are aware of fees for both cash withdrawals and exchange rates, but are unaware that a fee averaging £1.19 is now imposed by English banks for each individual overseas transaction.

This means that for regular small transactions, uSwitch uses meals as an example, large costs can be incurred. If an individual on a week long break buys 2 meals a day on plastic, it will cost him up to £21.

The website advises holidaygoers to withdraw larger amounts, and then buy things in cash to lessen bank charges.

Alternatively, consumers could exchange cash on a commission free basis prior to travelling, and simply use that money abroad.