Nationwide warns Brits to avoid card charges abroad

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Nationwide warns Brits to avoid card charges abroad

Mon 17th Mar 2008

As many Brits prepare to escape the rain and head abroad this bank holiday weekend, Nationwide has urged consumers to ensure they are not paying unnecessary charges on their debit or credit card transactions.

It revealed that UK holidaymakers wasted over £650 million last year on foreign currency loading fees when using a card abroad.

Nationwide is currently the only high street financial provider not to charge its customers a foreign currency loading fee, which it believes has saved card users over £3 million since last Easter.

For providers that do charge their customers extra costs, the average fee is typically set between 2.75 and three per cent.

Jeremy Wood, divisional director at Nationwide, said: "People who are planning to go abroad this Easter should be aware of the hidden charges that most card providers impose, which are both costly and unnecessary."

MoneyExpert.com also warned last month that consumers may find it increasingly difficult to get a credit card with capped balance transfer fees.

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