Could 'hidden' card charges add to your holiday costs?
Published 19 April 2012 by Daniel Culpan
A new survey has found that British holidaymakers pay £260 million a year in 'hidden' charges when taking out cash on their credit and debit cards abroad.
According to a new survey, British holidaymakers pay £260 million a year just to withdraw cash on their credit and debit cards abroad, The Telegraph reports.
More than 50% of the over 2,000 people questioned by internet travel agent sunshine.co.uk said they got a 'nasty surprise' when they returned home and realised exactly how much they'd been charged to take out cash while on foreign shores.
The findings revealed that UK holidaymakers used their cards to withdraw money an average of five times, at a cost of £2.75 for each transaction. As a result, bank charges typically totalled £13.75 for every tourist per trip - adding up to a total of £263 million.
The survey follows a recent report from Which?, the consumer watchdog, suggesting that fees for using a debit card overseas were 'exorbitant' and complicated - with some banks and building societies charging their customers a third more than others for paying for things on foreign shores.
Chris Clarkson, co-founder of sunshine.co.uk, commented: "There's nothing worse than getting home from a nice relaxing holiday, which cost a fair amount to go on in the first place, only to be hit by extra charges like credit card withdrawal fees.
"Planning is key; work out how much you will need for the duration of your break and work out the pros and cons of various spending methods."
If you're looking to make the most of your money abroad, you could check out an online currency exchange rate comparison site for the latest rates.