Currency-swapping Britons 'will pay £73m in unnecessary fees'

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Currency-swapping Britons 'will pay £73m in unnecessary fees'

Brits heading off on their holidays will unwittingly pay £73 million in fees while using their credit or debit cards abroad this year, according to Abbey Credit Cards.

Following recent research, the group found that Brits who use cash machines in foreign countries will end up paying about three per cent in conversion fees each time they use an ATM.

With 69 per cent of respondents admitting that they will take a card on holiday with them, these fees, which could be avoided, will be sure to add up, Abbey points out.

Head of credit cards at the bank Callum Gibson says that the £73 million which is likely to be racked up is "staggering and unnecessary" at a time when people can ill afford to waste money.

The group recently launched Abby Zero, a credit card which does not charge users a foreign exchange fee and offers them zero per cent on balance transfers for up to a year.

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