Lloyds TSB increases foreign usage charge

Michelle Slade, Analyst at Moneyfacts.co.uk, comments: “Lloyds TSB has announced that it will be increasing the foreign usage fee on its debit card, not the news that their customers preparing for their summer holidays will want to hear. With effect from 30 July all Lloyds TSB debit card customers will be charged a 2.99% cash or retail conversion charge – the highest on the market.

“Many customers using their card overseas are unaware of when and how much they will be charged. The jargon used to explain the charges can be confusing and often it is not until they get home and the damage has been done that the consumer realises the true cost of their holiday spending.

“For anyone looking to use their debit card regularly overseas, the Nationwide BS card is well worth considering, especially if they are a regular overseas traveller. The Nationwide BS debit card is the only card not to charge any fees for either cash or retail transactions overseas and so could save them a fortune in the long run.”