Defaqto warns on card charges when abroad

Tuesday, 19 July 2011 01:57

Working out the best way to get hold of cash before heading abroad this summer can save holidaymakers significant amounts of money.

That is according to independent financial research firm Defaqto, after it revealed the hidden costs of spending and withdrawing money abroad.

Defaqto's data suggested the average charge for a £100 purchase overseas is £2.87 on a credit card and £3.06 on a debit card.

Meanwhile, the costs of a £100 cash withdrawal via an ATM are £5.60 and £3.96 for credit cards and debit cards respectively.

Commenting on the figures, Defaqto insight analyst for banking David Black said: "For most of us, when on holiday our tendency will be to spend a bit more and live life to the full. However, it is important for people to think about how they will manage their money while abroad to avoid a nasty additional financial shock when they return home."

Use the Myfinances.co.uk comparison tables to keep your bills low

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