Holiday spends and how you can help to make your money go further
| June 20, 2006 | Posted by admin under Travel News |
It has been reported that British holidaymakers will pay a whopping £607m in “hidden” charges for using their credit and debit cards abroad this year. These charges includes loading fees (use your credit card or debit card to make a purchase and you will pay a foreign currency or loading fee, typically £2.75 for every £100), transaction fees, cash machine withdrawal fees and “dynamic currency conversion” charges – instead of billing you in local currency, retailers, restaurateurs and hoteliers convert your bill into sterling often applying extremely unfavourable currency exchange and commission rates in the process. It’s perfectly legitimate and happens mostly in France, Italy and Spain. Before signing your credit card slip or entering your PIN check if it is marked sterling or GBP and ask to pay in local currency instead.
It’s worth knowing that Nationwide Building Society don’t charge when using their credit card abroad.
Check the currency cover on your travel insurance policy before you buy. Most companies limit cover for cash to £250 if it is lost or stolen so don’t take more than the limit in currency.
If you exchange currency abroad keep the receipts in case you need to make an insurance claim. Also by hanging onto the receipt you may be able to change back any unused money with no charge.
There are many high street banks who offer commission free deals with currency delivered to you at home. Also look for deals on the internet. Don’t forget to get your cash organised as leaving it until you get to the airport will cost.
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