The Money Stop

Holidaymakers are being warned that using debit and credit cards abroad could prove costly due to the charges implemented by providers.

Moneyfacts claims that the majority of travellers opt to use their plastic overseas as travellers cheques are seen as old fashioned, but added that these individuals need to be aware of hidden charges.

The site claims that some credit card providers charge up to three per cent for both purchases and cash transactions when using the card in a foreign country.

“This charge is applied each time the card is used and can soon mount up to a significant amount,” states a spokesperson for the site.

Methods for minimising the effects of these costs include taking out cash in larger lump sums to avoid a number of payments.

“Customers could find their balance much lower than expected when they get home if they are not careful”, concluded the spokesperson.

Meanwhile, in related news, the Association of Independent Tour Operators recently stated that do-it-yourself holidays are often a false economy as booking in this manner can mean that people are not covered by insurance.

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