Holiday warning to millions over button you should NEVER press when paying abroad
SUMMER SUN Holiday warning to millions over button you should NEVER press when paying abroad
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HOLIDAYMAKERS should be mindful to never push this button cash machine when heading abroad this summer.
Travellers might end up losing cash and get stung by simply making the wrong choice at a foreign ATM or at tills.
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Holidaymakers should be mindful to avoid this button.
Cash machines will usually give you the option to pay in the local currency or in pounds.
It may seem like the obvious option to pay in pounds, as it's more familiar and the currency linked to your card.
However, by choosing this option you could end up paying more for the cash coming out of the ATM or for the goods you're paying for at the till.
That is because the overseas bank will do the conversion to pounds and the rates are unfavourable.
However, if you choose to pay in the local currency your card will instead do the conversion which is usually much more favourable.
So if you are keen to save cash when abroad, you should opt to pay in the local currency and not pounds.
Your bank may also charge you for using your debit card abroad.
For example, Lloyds Bank charges customers who use their debit card abroad a 2.99 per cent foreign transaction fee.
This would cost you £2.99 for every £100 you spend.
NatWest also charged customers a 2.75% fee for spending your debit card abroad.
Best travel money options: currency, cards and tips for spending abroad
That would add a £1.16 charge to the cost of a jacket which cost £42.16.
The bank has a handy calculator for customers to help them work out how much they will be charged when spending abroad.
You simply enter in the currency you will be shopping in and how much you intend to spend.
This can help holidaymakers plan ahead not be blindsided by any unexpected costs.
But some banks don't charge you for spending abroad.
For example, Monzo does not charge its customers foreign transaction fees nor does First Direct.
USING YOUR CREDIT CARD ABROAD
Many credit cards also charge foreign transaction fees of around 3%, which would add £1.50 to the cost of a £50 meal out.
But there are several credit cards that let you withdraw money from ATMs or spend in shops and restaurants fee-free.
The Barclaycard Rewards Card does not charge you transaction fees when you are abroad.
It uses Visa's exchange rate, so you will get the best value on conversions.
If you are heading abroad, if may also be worth bringing some cash in case of emergencies.
Many high street banks have currency exchanges within the branch, and you can also find the service inside airports or some train stations.
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