Financial experts issued emergency warnings on vacation to prevent unnecessary fees from being hit by. According to Martin Lewis, you could be charged 7 euros per hour just to withdraw cash.
Many of us no longer have cash as card and mobile payments are easier than ever. However, there are still cases where cash may be required, especially in other countries.
Accessing cash from an ATM while traveling is relatively easy, but you may not notice any additional charges. Martin Lewis, a money saving expert on his website, explained that some ATMs will charge despicable withdrawal fees.
This is not the fee for converting cash, but the fee for actually taking it out. This can vary widely depending on the machine you are using.
Martin said:
“It's become more common for real cash equipment to charge you overseas. There's no way around this, but don't assume that all ATMs will charge the same thing.”
Martin referenced his own experiences of firsthand seeing extreme differences in ATM pricing. “A few years ago, I did some cash experiments while filming abroad, and as part of that, I discovered ATMs within 200m with withdrawal fees that often range from 2 to 7 euros,” he said.
“The 7 euro fee machine sometimes offers better exchange rates, but it's irrelevant, as you need to say you're converting to a foreign bank. You want to do that on a UK card (especially with a specialist card).”
You need to change your mind and ignore messages on the ATM screen. Martin continued: “Foreign ATMs don't like it. They try to push you and scare you. If they choose an option they don't want (since they make less money).
“Even so, you say no to currency conversion. Do that. The only thing that matters is, so look for the cheapest of them.”
Overall, he advised people to get the foreign cash they needed before their trip. “In general, it's a safer bet to get cash in advance because you can research very low rates, but you're blind to what's out there. You might find rates and limited competition, especially in tourist resorts,” he added.
“I'm not saying that overseas Brays can't undercut UK ones, but they need to be very cheap to beat the UK's cheapest ones. It's rare to trip randomly about it. The exception is, if you know a particular super stable station, for example, you go to the same place every year.
You can use Money Saving Expert's travel cash comparison tool to see the best options to get your currency.
