News Categories

• Banking
• Breakdown Cover
• Car Insurance
• Credit Cards
• Home Insurance
• Insurance
• Life Insurance
• Loans
• Money
• Mortgages
• Pensions
• Pet Insurance
• Travel Insurance

News Archive

• February 2012
• January 2012
• December 2011
• November 2011
• October 2011
• September 2011
• August 2011
• July 2011
• June 2011
• May 2011
• April 2011
• March 2011

Newsletter

Holidaymakers 'wasting £49m on exchange fees'

By Tom Farley, Mon 2 Aug 2010 - Published in Travel Insurance

Brits could be wasting almost £50 million on foreign exchange fees when on holiday this year, new research has claimed.

Figures published by Santander Cards suggested that the average holidaymaker budgets £350 a week for their spending money, increasing by 28 per cent from the £274 reported last year.

However, the study found that 57 per cent will use a credit or debit card to cover their spending when on holiday, with the average user putting 44 per cent of their purchases onto the products.

The research noted that, with a three per cent foreign exchange fee charged, this could amount to a collective bill of £49 million for the summer.

Emma Roberts, director of Santander Cards, commented: "For the millions of Britons preparing to head away this summer, the cost of foreign exchange fees when spending on a card abroad are often overlooked."

Last week, AXA Home Insurance reminded travellers to protect any electronic kit they take on holiday from theft, loss or damage.