BRITS are wasting over £100 million a year by using their debit and credit cards abroad, new research found.
One in three British holidaymakers use their regular payment cards abroad but half do not know how much they are being charged, according to a survey by travel agency Thomas Cook.
This lack of awareness means Brits are splashing out about £105 million with the average card fee of 2.73 per cent for non-sterling card transactions.
The figure does not take into account ATM charges or exchange rates used by banks.
Despite planning their holidays in advance, less than half of UK travellers keep track of currency rates which means they change their money at the last minute.
A total of one third use the pay closest to departure to buy their currency.
Chris Mottershead, managing director at Thomas Cook UK said British consumers’ money-conscious mentality comes into play for the cost of the actual holiday but stops where spending money is concerned.
“It also reveals the stark lack of understanding when using credit and debit cards abroad,” he added.
Thomas Cook advises holidaymakers to take a mixture of cash and pre-paid currency cards when they travel overseas, and minimise withdrawals from cash machines.
The firm added that customers should check exchange rates a few months before departure, save up and buy at the optimum time.
HOW TO GET THE BEST HOLIDAY MONEY RATE
WHEN buying currency, the best rates won’t necessarily come from your bank or even the Post Office or Marks & Spencer.
Use comparison tools like MoneySavingExpert’s TravelMoneyMax to compare pick-up and pre-order rates.
It’s also worth checking out local independent bureaus on the high street near you.
Some bureaus offer preferential rates if you pre-order or print out a voucher to secure the online rate, rather than walking through the door.
If you need to get money at the last minute, order online or by phone and pick it up at the airport.
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