Savvy Traveller Saves £700 on Holiday Fees with Game-Changing Tool
As a seasoned traveller, Kat Brooks knows how quickly foreign transaction fees can add up while abroad. But the 29-year-old marketing manager has found a way to avoid these pesky charges, saving her a whopping £700 on her last trip.
Avoiding foreign transaction fees can save you hundreds
Kat’s top tip is to use a debit card that avoids fees and has free withdrawals. She swears by Monzo, which offers fee-free withdrawals of up to £400 for 30 days in the European Economic Area (EEA) and £200 for 30 days outside the EEA.
The Cost of Careless Spending
When using a debit or credit card abroad, it’s easy to get stung by foreign transaction fees. These fees can be as high as 3%, meaning a £100 purchase could cost you £103. And if you’re withdrawing cash from an ATM, you could be charged up to £5 per transaction.
Foreign transaction fees can add up quickly
The Benefits of Monzo
Kat’s experience with Monzo has been overwhelmingly positive. Not only does the bank offer fee-free withdrawals, but it also provides a real-time exchange rate, helping her save even more money. And with Monzo’s data-driven approach to money management, Kat can easily keep track of her spending on her phone.
Monzo’s app makes it easy to track your spending
Other Options for Holiday Spending
If you don’t want to exchange currency, there are several specialist cards that can give you a great exchange rate. Travel credit cards and pre-paid cards can let you pay abroad without fees or at a set exchange rate.
Travel credit cards can be a great option for holiday spending
How to Save on Card Fees While on Holiday
To avoid getting burned by bank fees, it’s essential to pack the right card alongside your sunscreen. Some cards will charge you a percentage of what you purchase, while others will charge you up to £5 to withdraw cash.
Be smart with your plastic when travelling abroad
By being smart with your plastic when travelling abroad, you can save hundreds of pounds on foreign transaction fees. Whether you choose Monzo or another specialist card, make sure you do your research and find the best option for your holiday spending needs.
