According to recent research, British holidaymakers spent over £391 million in ATM withdrawal fees while travelling abroad within the past year.
The findings, published by Sainsbury’s, showed that an estimated £14.2 billion was withdrawn by British holidaymakers over the same 12 month period from cash machines in countries such as Spain, U.S.A and Korea.
The average charge for an ATM withdrawal within the Eurozone was found to be approximately £1.67, with some cash points charging up to £2.66.
ATM charges overseas were less common but still expensive, with approximately 3.7 million people admitting to withdrawing a collective total of £2.6 billion on credit cards.
This works out to an approximate average of £726 per person.
While the majority of people would probably accept that charges such as these are inevitable when using credit or debit cards abroad, the actual figures involved are still quite shocking.
Another rather intriguing set of statistics revealed that men are approximately 50% more likely than women to use their credit cards to withdraw cash while overseas.
While fewer women will use overseas ATM machines to withdraw cash though, those that do are likely to withdraw considerably more than men, on average.
David Barrett, Head of Sainsbury’s Travel Money, said “As a nation, we spend a huge amount every year on our holidays.”
Travel money cards are a great solution for those who are worried about fees and charges while travelling abroad.
Regardless of whether you are staying in Europe or going overseas, you can preload money onto a travel money card before you leave.
This guarantees you won’t be subject to the same charges as someone who is withdrawing money using their debit/credit card while travelling.
Transfer Money to the U.S.A
If you are looking to invest in the U.S.A, think carefully about how you will be transferring money to the U.S.A. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.
So if you are sending money to the U.S.A – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.
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