Tourists warned over exchange rate costs
Posted: Tue Jul 25, 2017 11:44 am
Just a heads-up for anyone using their bank card overseas...
British holidaymakers are paying hundreds of millions of pounds in unnecessary charges when they use their credit and debit cards overseas. Shops, restaurants and cash machines are offering tourists the option of paying in pounds rather than the local currency and applying a poor exchange rate if they take up the offer. This costs UK tourists about £500m a year, analysis for the BBC has found. The lower rates are equivalent to charging about 6% on each transaction.
http://www.bbc.co.uk/news/business-40702496
British holidaymakers are paying hundreds of millions of pounds in unnecessary charges when they use their credit and debit cards overseas. Shops, restaurants and cash machines are offering tourists the option of paying in pounds rather than the local currency and applying a poor exchange rate if they take up the offer. This costs UK tourists about £500m a year, analysis for the BBC has found. The lower rates are equivalent to charging about 6% on each transaction.
http://www.bbc.co.uk/news/business-40702496