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Plane stupid: Consumer money is poured down the drain in foreign credit card transactions
Some credit card companies are making a killing in the current holiday season. This comes with the unsurprising news that the vast majority of consumers who decide to use their plastic abroad are finding a variety of expensive fees and surcharges every time they use their card to make a purchase or withdrawal abroad.
There are a variety of tricks which are being used by companies and banks around the world to ensure that as much profit is made from a holiday as possible. Even welcoming services like the offer to pay the tab for a dinner in Spain in Sterling can be an offer for businesses to cash in, as usually the exchange rate from the Pound to the Euro is frightfully unfair.
What is potentially the most shocking with unexplainable surcharges on credit card statements is the way that many of them are not broken down for the benefit of the consumer. Visa is a fine example of this, with an unlabelled charge of 2.75% for every time you withdraw money from an ATM and change Pounds from your balance into Euros.
The tip to avoiding these sneaky additional fees is to check when you register a card for the percentage of a ‘Load’ when you go abroad. In some instances, even using a Debit could be worthwhile – Nationwide for instance has a flat-rate of 0% on spends, wherever you are.
It’s sad but true that some cash machines in the UK charge for cash withdrawals. However, abroad this has been a policy that has been around for years. Regardless of the transaction, whether a purchase or withdrawal, you are very likely to be stung by a fee of £1.50 or more on every card use. Trying to avoid such fees is futile – but if you withdraw cash from an ATM in bulk, you are less likely to be affected more than once with a penalty for spending charge.
When you do decide to withdraw cash from an ATM, you are more than likely to find your credit or debit card has charged you a small percentage for your transaction. Even the bank you withdraw from abroad could matter as they are beginning to add a fee on, too. As long as you have a secure place to store away your cash until you need it, bigger transactions occasionally are definitely better than little and often.
Credit cards are also victim to unexpected interest charges, with are often always higher percentages for withdrawing cash than for spending. Always being watchful of your wallet and how you deal with money over a holiday could save you hundreds of pounds.
If you are lucky enough to have the ability to think ahead now, finding a good card in advance of your trip could help you save money. Some prepaid cards offer no loading fees or transaction fees, so doing your homework could be very, very worthwhile.