Brits spending 'unnecessarily' on foreign currency
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People in the UK are spending unnecessary amounts on buying foreign currency, according to recent research by FairFX.
Brits may be spending unnecessary amounts when using credit cards abroad and buying foreign currency, according to a study conducted by FairFX.The foreign exchange provider found that 69 per cent of people in the UK claim that every penny counts when buying foreign currency, but 29 per cent choose to withdraw from local ATMs when they travel overseas.
Furthermore, "despite the extortionate fees involved", 21 per cent of Brits use their credit cards abroad to make purchases, according to FairFX.
Stephen Heath, the company's chief executive, said: "Two-thirds of people might say every penny counts, but then don't actually ensure they have the right tools to make it happen."
He added that the reality of holidaymakers' spending habits is often far removed from their best money-saving intentions.
Recently Abbey launched a new card aimed especially at people who like using credit cards abroad. The Zero credit card does not charge foreign transaction fees.
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