Britons spend £391 million on overseas ATM withdrawals in just 12 months!Friday, 19 August 2011 Prepaid card may be best choice for overseas tripsAccording to independent research firm Defaqto, holidaymakers who use the wrong type of card could end up paying far more than necessary during their trip. When one takes into account that research by Sainsbury's Travel Money that found that UK holidaymakers have collectively spent £391million on foreign ATM withdrawals alone over the past 12months, Defaqto are surely right! This is hardly surprising when you bear in mind that some debit and credit card issuers charge between 2-4% for purchases made overseas while withdrawing money from an ATM when abroad could cost between 4%- 5.5% with some credit and debit cards too!
It’s not all bad news though, many prepaid Visa or MasterCard cards will allow you to withdraw cash from ATM’s and spend in shops overseas without incurring excessive fees.
So think carefully to see if you could benefit from using a prepaid card for your holiday spending instead of your usual debit or credit card. These prepaid cards can be a great way to budget for your holiday too. You can load money onto your card to save up prior to departure and rest assured that you can’t overspend while away as you can only spend the balance on the card.
A quick “Google” of Prepaid Travel Cards will give you plenty of cards to compare. Most large tour operators now have their own prepaid card programme or Money travel card so think twice, think prepaid! It could save you money when lapping up the sun on Holiday.
DI
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