UK holiday makers could be wasting millions in ATM and card transaction charges this summer

WITH many setting off in search of some summer sunshine over the coming months experts are urging Brits to spend smarter when abroad this Summer and consider using a currency card to avoid unnecessary charges, as new research has found that, on average, UK holidaymakers are losing on average over £35 every trip on ATM and bank card transaction fees. 

Last Summer, UK residents made 24.9 million visits abroad and holidays were the most common reason for this, accounting for 69% of all visits (17.3 million). 

If 17.3 million trips were made again this summer – all using a currency card to avoid fees, the saving could be on average £35.16 per trip and overall, Britain could save over £60m in bank fees (£60,826,800).

Last summer, customers of Caxton, who commissioned the research made over £98,000 of free overseas withdrawals and saved on average £4.54 per withdrawal.

Aston spoke to Alana Parsons, COO of Caxton.

Photo by Colin Watts on Unsplash