Prepaid cards could reduce overseas debit card use
27 August 2010 16:29:50
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| Debit card spending is likely to rise over the weekend. |
Bank account provider Barclays, which claims to offer some of the best bank accounts in the UK, predicts that nearly 1m overseas transactions will be made over the bank holiday period, reaching a total value of more than £86m.
According to Barclays, which questioned nearly 800,000 customers over the course of its research, 57% of overseas spending comes from ATM withdrawals.
However, holidaymakers often fail to compare bank accounts carefully and are surprised when they are charged for using their debit card overseas.
This problem could be avoided by comparing prepaid cards, many of which are specifically designed for tourists and do not charge cardholders for overseas transactions or ATM withdrawals.
Brian Cunnington, head of debit cards for Barclays, also noted that cardholders benefit from added security on holiday.
He explained that holidaymakers who use plastic cards instead of cash "do not have the added security concern of carrying too much foreign currency around at once".
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