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Brits Charged Over £180 Million by Overseas Cash Machines

How many of us are guilty of using the overseas ATMs? On one hand, there's the urgency of withdrawing money to help pay for your holiday spending, however on the other hand us Brits are money-savvy and reluctant to part with our hard earned cash by paying for overseas transaction fees.

A recent survey has now revealed exactly how much we are losing when we withdraw money abroad - at the time it may not seem like much, 1 Euro here and there, but checking your bank balance at the end of the holiday can reveal that every little amount really does add up!

The survey showed that us Brits are spending more than £180 million abroad in cash machine and bank transfer fees, with the average transaction costing us an extra £5.13 on top of our withdrawal amount. This £5.13 charge may not seem a lot in comparison; however the survey showed that 57% of travellers needed to use the cash point again a second time which means the new total unnecessary expenditure equals £10.26.

61% of those surveyed gave in and withdrew money out of a machine that charges, whereas 59% of those keep their money-saving habits with them abroad and search for ATMs that don't charge extra.

So why exactly are we using cash machines abroad?

  1. Ran out of spending money - 43%
  2. Forgot to bring money abroad and relied on card only (but needed cash later for tips) - 40%
  3. Didn't want to use the money already brought with them - 32%
  4. Lost money / wallet - 31%
  5. Wanted to have extra money just in case - 23%

When the survey quizzed how travellers budget their money whilst on holiday, the response was to take a large sum of money with them and divide it by the number of days of the trip. They would then only take what they needed for that particular day.

Having a good travel insurance policy that covers lost or stolen cash is essential as well as emergency travel documents. You don't want to be caught short during the middle of your trip! For more information, please visit our dedicated product pages.

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