Travellers intending to use their prepaid credit or debit cards while on holiday abroad this summer are being advised to make sure that they understand what charges apply.
Bitish travellers are spending millions on card charges while on holiday, according to a recent study on currency cards.
Around 3,000 British holidaymakers participated in the survey of holiday spending money, and around 50 of the most popular debit, credit and prepaid holiday money cards were analysed as part of the study carried out by Travelex, a foreign currency exchange specialist.
The study has reported that around 77 percent of British holidaymakers that are going abroad for their summer holidays will be using a credit or debit card to finance purchases or withdraw cash. Around 485 of the respondents had answered that they did not decide to take a prepaid card as they were confused about which one to choose.
Travelex has estimated that travellers may have paid an additional GBP100 million in fees and charges by using their credit and debit cards abroad during this summer, as almost all of these card transactions include a currency conversion or load fee.
Financial expert, Andrew Hagger, said, ‘There has been an explosion in the number of prepaid cards in recent years, with different cards for different currencies and a myriad of different companies offering prepaid cards. However, unlike credit or debit cards, there isn’t a uniform way of displaying these cards so holidaymakers are faced with a bewildering array of fees, charges and terminology.’