Brits waste money on currency exchange fees

Brits waste money on currency exchange fees

Brits travelling abroad last year wasted £122 million on unnecessary foreign exchange fees when using their credit cards, according to research by Santander.

Overseas holidaymakers spent £1.5 billion on credit cards last year, an average of £600 per traveller.

Many credit card providers charge foreign exchange fees of up 2.75%, Santander revealed, equivalent to £16.50 on a £600 spend.

“Foreign exchange fees are one expense that those travelling abroad this year can definitely do without,” said Emma Roberts of Santander Cards.

She added that consumers can avoid foreign exchange fees by searching for a credit or debit card with fee-free foreign usage.

Cards offering fee free transactions overseas include Nationwide’s debit card, and the Santander Zero credit card.

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