UK travellers relying on overseas ATMs may pay more for their travel money

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Post Office Travel Services advises holidaymakers to plan ahead when buying foreign currency to avoid extra charges

Research has revealed that 72 per cent of UK holidaymakers use their debit cards at overseas ATMs to withdraw foreign currency. The research has also shown that just over half (52 per cent) of UK travellers use their debit cards to make purchases abroad, instead of using local foreign currency.

Post Office Travel Services advises that holidaymakers should plan ahead when buying travel money as anyone withdrawing foreign currency at ATMs may be charged higher commission and cash withdrawal fees. If travellers leave it too late to change their sterling into foreign currency and exchange it at airport bureaux de change, they also risk paying more for their travel money through extra charges and commission fees.

The research from Mintel also revealed that UK travellers who take holidays in Europe are more likely to plan ahead and take foreign currency with them before travel.    Holidaymakers travelling further afield tend to favour travellers' cheques, or take sterling with them to use at foreign exchange bureaux at their destination.

The Post Office advises UK holidaymakers to plan ahead and buy their foreign currency before heading overseas to get the most from their travel money.

Sarah Munro, head of Post Office Travel Services, said:
"UK travellers can save themselves unnecessary extra costs by buying foreign currency in advance or taking the Post Office pre-paid Travel Money Card rather than picking up their travel money at the airport or at an overseas ATM using a credit or debit card."

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