Taking money out abroad ‘can be costly’

Taking money out of an ATM while on holiday can prove to be an expensive way to access your own cash, it has been claimed.

According to a report from MoneyExpert, cash withdrawals made outside the UK will cost Britons a collective total of close to £284 million, which for many will mean adding to their debt management burden.

Generally, anyone using their debit or credit card to withdraw money out abroad can expect to pay a few pounds for the privilege but the costs vary depending on the financial service provider.

“Many people are likely to be unaware of the charges they can incur for withdrawing cash abroad,” said Sean Gardner from MoneyExpert.

“If money is tight this year we highly recommend that travellers do some research and find the best deal available.”

While many people are struggling to become debt free, almost two-thirds are likely to overspend on holiday this year, according to a recent study by National Savings & Investments.