UK Money News
11th March 2008
Holidaying Brits hit by credit and debit card charges
The four million Britons embarking on trips to the EU this Easter could find themselves collectively out of pocket by more than £180 million simply by failing to use the best credit or debit card, according to a price comparison site.
The projection from Moneysupermarket.com is based on the sum liable to be paid out in the form of foreign exchange fees and transaction charges on an average spend of £500 by using cards which do not offer purchase protection and which levy foreign exchange fees in Europe.
To avoid being hit by these fees, it is advisable to opt for cards from the Post Office, Nationwide and Saga, according to Steve Willey, head of credit cards at the site.
He continued: "The Nationwide Flex debit card is the best product for overseas cash withdrawals as there are no extra charges.
"In contrast, a €100 withdrawal with a Lloyds TSB debit card will incur a £2 transaction charge plus a 2.99 per cent foreign exchange fee."
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