Britons hit by unnecessary foreign exchange fees
15 February 2010 09:49:45
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| Credit card fees cost holidaymakers millions. |
A survey conducted by Santander Cards shows Britons spent a collective £1.5bn on their credit cards while abroad last year.
With most credit card companies levying a foreign exchange fee of around 2.75% on overseas purchases, this means £122m was spent unnecessarily in 2009.
As a result, Emma Roberts, director of Santander Cards, has advised that choosing a credit card which offers fee-free usage in different parts of the world can leave holidaymakers with more disposable income for their trip.
This course of action is particularly prudent in light of the current weakness of the pound against both the dollar and the euro.
"Foreign exchange fees are one expense that those travelling abroad this year can definitely do without," Ms Roberts confirmed.
Figures released by Sainsbury's Finance last month suggest 8.9 million Britons will have booked a holiday by the end of February, with the average trip costing £832.97.
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