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 [...]
Consumer advice magazine Which? has warned Brits planning a holiday overseas to watch out for hidden charges on online currency exchange services. Competitive exchange rates offered by online providers may be tempting, Which? said, but additional charges such as credit card transaction fees and delivery fees can make online currency services more expensive than the [...]
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 [...]
Abbey yesterday relaunched its Zero credit card, providing fee-free currency exchange and cash advances. The card is the only one currently available that offers these services for no fee. In addition, the Abbey Zero offers 0% interest on balance transfers for 12 months, and on purchases for three months. Roger Lovering, managing director of Abbey [...]
British holidaymakers are being misled into believing that a ‘commission free’ exchange means they are getting the best deal for their holiday money. Online currency provider FairFX said many Brits are unaware that the exchange rate is just as important as the commission fee in determining how much of a foreign currency they’re getting for [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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