Save money on debit card use abroad
Travellers with Norwich & Peterborough Building Society have saved thousands of pounds since the building society changed its Gold Classic current account.
Norwich and Peterborough Building Society (N&P) announced changes to the account in January last year, scrapping charges for foreign debit card use.
As a result of the changes, the number of customers using a debit card abroad with the building society more than doubled in 2011.
Visa transactions also doubled as a result, and 47% of people who opened a Gold Classic current account in 2011 used their debit card abroad at least once that year.
"The new Gold Classic Current Account has been very good news for our customers, because it gives them a number of extra benefits at no cost,” said Ewan Edwards, Head of current accounts at N&P.
“It is particularly useful for those who travel abroad and want the flexibility and security of using their debit card instead of taking a large amount of local currency with them.”
The Classic Gold current account is available in-store or online and offers free overseas debit card transactions, saving almost £12 for every £250 withdrawn from foreign ATMs.
“Overall, Gold Current Account is very popular with the 18-25 age group, which include a great many back-packers who use the card throughout their travels,” Mr. Edwards added.
“The majority of the largest transactions outside the UK are from gap year students and other round-the-world travellers buying cars to use while living and working abroad.”
As well as debit card savings, travellers and holidaymakers can also use prepaid credit cards to save money while abroad.
The top prepaid credit cards available at the moment include the Phones4U Escape Money Travel Card, allowing customers to withdraw cash for free from over 1.5 million ATMs worldwide.
Also available is the Orange prepaid card, which is currently offering customers a refund on the £5 sign-up fee when they load £20.
This offer is available until 31st January, but only with compareprepaid.co.uk.