Find the best Foreign Currency Fees

Published on 1 January 1970 by Raffick Marday

New analysis shows £236.4 million in foreign currency will be withdrawn over the half-term break, with many losing money with hefty fees.

Sainsbury’s Credit Cards reveals around 380,000 Brits will withdraw over two million pounds worth in foreign currency next week, with many being charged debit and credit card cash withdrawal fees of up to three percent.

“The spring half-term holiday is one of the peak times for Brits to get away and many people will be relying on their debit and credit cards to withdraw currency whilst they’re abroad,” said Stuart McKeggie, Sainsbury’s Credit Cards head.

“We’re encouraging holidaymakers to think carefully about how they’ll access their money, and where possible, find a way that will prevent them from being charged additional fees.”

Research by Santander Cards recently revealed holidaymakers face paying premiums of up to 269 percent for a half term holiday this February.

The five most popular holiday destinations are Mallorca, Lanzarote, Gran Canaria, Orlando and Chania in Crete.

Destinations in Florida and Crete are on average 53 percent more expensive between the 19th and 26th February, than two weeks later.

Those who are planning on going away over the February half term are urged to compare the market for the best foreign exchange rates to prevent the cost of their already expensive holiday rocketing.

A Travel Prepaid Card is a good way to take your money abroad as it prevents the need to change traveller’s cheques, while retaining the safety of being able to cancel the card should you lose it.

The foreign exchange rates on Travel Money Cards are fixed at the figure you bought the money at when you loaded the card with funds, so you miss out on hefty credit and debit card fees abroad.

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