Banking abroad costs expatriates on their credit cards, says lender
26/05/09 18:15
Credit card use could prove expensive for expatriates, Abbey has warned.
It claims Brits are being hit with millions of pounds of unnecessary bills when they use their credit cards abroad.
The building society has revealed that Britons pay more than £73 million in fees for their use of credit cards when abroad.
For the newly arrived expatriate, a credit card may seem like the ideal way of paying for incidental purchases, although they should beware the cost of such flexibility.
Head of credit cards at Abbey, Callum Gibson, says the charges are "a staggering and unnecessary sum at a time when people are having to manage their finances more carefully".
Consumer watchdog magazine Which? has advised people looking to get hold of foreign currency to plan ahead.
The publication's latest review found that changing money is most expensive in airports but that it is possible to save money by looking online for a foreign exchange.
Mark Pawlak
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