People heading abroad this summer are being warned about the cost of using credit cards overseas, with the additional toll it could take on their fina…
People heading abroad this summer are being warned about the cost of using credit cards overseas, with the additional toll it could take on their finances
Moneyfacts.co.uk is encouraging consumers to think about the way they will be spending before they travel, highlighting the significant savings that could be made by finding alternative methods of payment.
Michelle Slade, spokeswoman for the company, also stated the importance of gaining the best exchange rate, with those at the airports being “unfavourable”.
She said: “Money can be exchanged once overseas, but lack of local knowledge may mean settling for uncompetitive rates â€¦ shopping around before you go will leave you more in control.”
Ms Slade added that American Express, HSBC and MBNA are among the most expensive in terms of foreign usage, with a £100 cash withdrawal seeing customers pay £5.99 in charges alone.
This comes after moneysupermarket.com’s latest survey showing the UK population in general have a heavy reliance on credit cards, with 2.5 million people regularly withdrawing cash using this form of finance.
By James Perkins