Holidaymakers spend £73m on unnecessary currency fees
Brits taking their summer holiday abroad this year will spend £73 million on debit and credit card fees, it emerged this week.
Research by Abbey Credit Cards found that British holidaymakers pay an average of 3% in conversion fees every time they use an overseas ATM or spend money on their card in a foreign shop.
Seven in ten (69%) of those polled by Abbey said they will be taking a card on their overseas holiday, and nearly 60% said they plan to use their credit or debit card for holiday purchases – despite the fact that money the could save money by converting cash or buying a pre-paid currency card before they travel.
With the typical British tourist budgeting £274 per week for holiday spending money, Abbey estimates that £73 million will be spent on debit and credit card fees this summer.
Callum Gibson, Abbey’s head of credit cards, said the money that will be spent on fees is a “staggering and unnecessary” waste, especially during a time of economic recession.
Abbey recently launched its Zero credit card, offering fee free foreign currency exchange.