How to Avoid Fees When Spending Money Abroad
Using the wrong debit or credit card abroad can be an expensive mistake.
Many UK banks and credit card providers still charge around 3% every time you spend in a foreign currency. Some debit cards also add a fixed fee for each transaction, while withdrawing cash from an overseas ATM can trigger another set of charges.
Individually, these fees might not seem particularly significant. But over a two-week family holiday, paying for meals, drinks, activities and accommodation can quickly add £50 or more to the cost of your trip – without you receiving anything extra for your money.
Fortunately, avoiding most of these charges can be a relatively straightforward process. There are plenty of credit and debit cards that allow you to spend abroad without foreign transaction fees, and a little preparation can also help you avoid expensive exchange rates and unnecessary cash withdrawal charges.
In this guide, we explain the different ways of spending money abroad, the hidden fees to watch out for and how to get the most from your money. We’ll also share the combination of credit cards and bank accounts we personally use when travelling, including how we balance avoiding fees with earning Avios and cashback.
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