As the two May bank holidays approach and more than five million Brits prepare for a weekend abroad, price comparison website moneysupermarket.com is warning holidaymakers to beware of hidden charges on using their debit and credit cards abroad.
According to the website, credit and debit card holders currently waste £541 million in charges abroad each year.
Whilst debit cards might seem a more attractive option as they do not accrue interest, moneysupermarket.com warns travellers that most banks levy a conversion charge of 2.75 per cent on debit card transactions abroad, as well as heavy charges for foreign withdrawals.
"Spending on debit cards is a popular and convenient choice for many Brits abroad. Yet, many banks can sting you with hidden charges if you aren't careful," said Stuart Glendinning, director of credit cards for moneysupermarket.com.
The website advises those travelling abroad to shop around for the best deal that will see them incur the lowest fees.
"It is worth investing the time and effort before your trip to find a deal that best minimises costs and offers security if your card is lost or stolen," said Mr Glendinning.
"It is important to remember that your day to day credit card may not offer the lowest fees when used abroad."Click here to compare credit cards.
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