Preparing and packing for a holiday can be a stressful business, but travellers shouldn’t leave getting their travel money until the last minute. If you opt for a travel credit card, Halifax Clarity, Barclaycard Rewards and Virgin Money Travel credit cards work out cheapest - plus you have additional Section 75 protection if something goes wrong. Starling Bank and Monzo debit cards offer fee-free overseas purchases and ATM withdrawals when using your debit card abroad - however, Monzo may charge fees on ATM withdrawals depending on what kind of account you have, and where you’re travelling. Read more: Cost of living crisis: 12 top tips to save money during the summer holiday
Some cards offer fee-free purchases, but will still charge extra to take money out at a cash point overseas. More expensive cards add a fixed fee, which could be around £1.50 or 2.95%, per transaction on debit card payments and cash withdrawals in a foreign currency (excluding ATMs in Spain). You should also check to see if your bank charges a fee to use cards abroad. Travellers paying by debit card should always pay in the local currency, rather than converting the transaction to GBP (pound sterling), to avoid being hit with worse exchange rates. Pay in local currency and use the right card
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Here are consumer group Which?'s nine top tips for how to slash hundreds of pounds from the cost of going on holiday.
Many are struggling to afford a holiday at the moment as UK households continue to struggle with the rising cost of living.īut there are ways to keep costs down while on holiday so that you can enjoy the summer abroad. Cost of living crisis: Going on holidays abroad doesn't need to be expensive.