Holidaymakers should ensure they are using the most cost effective method of payment while abroad in order to avoid credit card charges. David Black, insight analyst for banking at Defaqto, explained that each type of card has different costs and benefits that need to be considered. He said: "It is important for people to think about how they will manage their money while abroad to avoid a nasty additional financial shock when they return home "It really does pay for people to shop around to get the best option for their needs." Research by Defaqto revealed that the average charge for a £100 cash withdrawal from an overseas ATM was £5.60 for a credit card and £3.96. The financial research company suggested that if consumers are paying for something abroad, they should use a credit or debit card that does not charge a foreign exchange fee on overseas transactions or a fee for cash withdrawals. John Fieldman Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
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