British people waste hundreds of millions of pounds by using their credit cards to take out money from ATM machines while on holiday, according to a new report.
The research, carried out by Caxton FX, showed that Brits could be collectively saving up to £284 million every year by avoiding the charges associated with using credit cards at the machines.
Most of the "big banks" place fees onto the usage of plastic abroad, according to the firm, which is usually 2.5 per cent of every amount withdrawn or a minimum of £3.
A representative for the firm explained: "If you make just ten cash withdrawals whilst abroad, this will cost you a staggering £30 - just to withdraw your own money."
Caxton FX offers a prepaid card for holidaymakers to use abroad, which allows free ATM cash withdrawals in foreign countries and helps families to budget.
Financial website lovemoney.com recently warned against the use of credit cards abroad, stating that the fees involved with spending on plastic in foreign countries will "cost a fortune".
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Hundreds of millions of pounds wasted on credit cards abroad
Thu, 16 Jul 2009
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