Foreign credit card fees cost us dear

Published on 1 January 1970 by Raffick Marday

Britons racked up a total of £122m in unnecessary credit card charges in 2009, new figures reveal.

The stats, from card company Caxton FX, are in no small part due to people not realising that banking services they get for free in Britain cost money when used in other countries.

For instance, withdrawing cash from foreign ATM machines can cost between £1.50 and £5 a time.

Caxton FX recommend prepaid currency cards as an alternative, stating that they are "a holiday must have."

Their managing director says that the travel money cards are "not only a hassle free way of carrying your holiday cash [but] also a great budgetary tool."

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