In line with other banks in the
“We have found that a lot of our customers are getting stung by high fees when using their cards on holiday. With Metro Bank’s recent announcement, customers of all major banks will now face these charges,” says
There are many reasons for travellers to avoid using their debit or credit cards while on holiday. Paying by cash is more beneficial and cheaper than using your bank card overseas.
There are several reasons to use cash instead of plastic:
1. Most card issuers charge a cash withdrawal fee for using your card in overseas ATMs. The fees can vary from 1% to 3% based on your bank. This can increase the overall cost of holidays.
2. You will not be aware of exchange rates for your foreign currency purchases until you receive your bank statement at the end of the month and usually the card issuer keeps a margin of over 2.75% on top of the wholesale exchange rates.
3. When using a prepaid card, you will be left with limited options to top up from a different service provider despite adverse exchange rates. There is no option to switch over to another card for free unlike buying currencies with the best exchange rate on a given day.
4. Unlike cash, it may not be practical to pay for small expenses such as taxi fares or meals using a card. According to MSN Money, “Apart from the risk of having your card stolen, restaurants are one of those rare places where someone actually walks away with your card and you don't see them for a few minutes. It is much better to use cash when dining out.”
5. Your ability to control your expenses is limited when using cards. While it is easy to run up huge bills on your card, it can be much harder to repay it and this can take a considerable amount of time.
“For these reasons and the fact that
About Best Foreign Exchange.com
Owned and operated by Thomas Exchange Global, BestForeignExchange.com offers the most competitive exchange rates in
Thomas Exchange Global also offers International Money Transfer Service where funds can be remitted to overseas bank accounts within 1 to 2 days. With commission free service for transfers over £10,000 backed by competitive exchange rates, customers are assured of a better deal and a substantial saving compared to banks and money brokers. Thomas Exchange Global branches are located at Strand,
For further details, visit http://www.thomasexchangeglobal.co.uk or call 020 7240 1214.
Read the full story at http://www.prweb.com/releases/2014/02/prweb11557170.htm
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