The true cost of withdrawing money from foreign
atm's while away on holiday, with Britons facing a
total bill of more than £260million annually, for
simply taking cash out on their credit & debit cards.
When on holidays abroad, spending money and
financial security is often a thing a traveller thinks
A poll carried out on the habits of Britons, of which
2,107 Britons responded, each of whom had been
abroad in 2011.
They were asked if, on their last holiday, they
withdrew cash from an atm, using their debit and
credit card, the majority 67%, said they did.
They were asked to state the amount, approximately,
they had been charged for doing so, to which the
average answer amounted to £2.75 in GBP.
People who used the atm abroad on their last holiday,
were asked how many times, the average was 5 times
When taking the charges into account, the fees would
amount to £13.75 per holidaymaker, for withdrawing
money on holiday.
There were 36.2million holiday visits abroad made by
U/K residents in 2011.
28,598,000million adults make up part of this figure,
considering that 67% of adult U/K holidaymakers used
a credit card, to withdraw money at a cash point on their
last holiday, and each were charged £13.75 on average
per holidaymaker, for the privledge.
This would equate to £263,459,075 spent on charges
for withdrawals at atm's.
These figures are astounding, it shows what banks are
making from their customers, then you have interest
charges if the credit card is not paid off in full when due.
Not forgetting what the banks are making on normal
activities on the home front, with credit cards.
When we are abroad I take cash in sterling & the countries
currency, we are going to.
We also take a credit card in case of emergency, knowing
that everything can be catered for.
The main thing to do is get a safety deposit box in your
hotel, you keep money, passports, cards & other documents
in the safe.
We would never draw cash on a credit card, or a debit card,
( Nationwide did have a no-fee debit card, but now charge )
Please be wary of using a pre-paid card, this is expensive
to use, a travel agent may try to get you to pre-load a card.
I had one, I loaded £1,000 on it, there was a 2% charge,
so total cost £1,020.
Then there was a atm fee of £1.50 each time used, also
a lower exchange rate given.
I had a discussion last week with the Thomas Cook manager
about this card, & I told her it was a rip off.
* You can pre-load euro's & American dollars ( plus other's )
for free, but not £ sterling. *
My advice take cash, & carry a credit card for emergency !