Brits spend millions on overseas withdrawals

A new study has found that British consumers are charged a total of around £244 million for making cash withdrawals while on holiday.

With debt management difficulties being faced by millions of Britons, figures from MoneyExpert.com suggest that spending money overseas could cause an added financial burden.

The cost of convenience could be significant for British holidaymakers, according to the financial comparison service, which claims the average charge levied for an overseas cash withdrawal stands at around £3.97.

Sean Gardner, chief executive of MoneyExpert.com, commented: “There’s a price to be paid for convenience of using your plastic overseas.”

“The old-fashioned ways of changing your currency or taking travellers’ cheques should not necessarily be dismissed.”

A report from CreditExpert.com recently claimed that millions of British consumers put their financial details and bank account assets at risk by not taking security precautions while on holiday.