Watch out for ATM charges abroad

This year, Brits abroad will waste a staggering £284 million in ATM withdrawal fees. This means that, added to a weak exchange rate, the average family on holiday will spend £380 more this year than they did in 2008.

With this in mind, it is important then to watch out for hidden extras whilst on holiday. Unfortunately, most people are unaware of the charges for ATM usage abroad.

In fact, all the big banks levy a fee for ATM usage - around 2.5% of the amount withdrawn, or a minimum of £3 per withdrawal. So, if you make just 10 cash withdrawals whilst abroad, this will cost you a staggering £30 - just to withdraw your own money.

How do I avoid this?

Applying for a Caxton FX currency card provides the best value. As a prepaid card, there is no need to open a separate bank account. There is no long sign up process or fees to open the account. Caxton FX is also the only prepaid card provider to offer free ATM withdrawals abroad - in any currency. They also have a best exchange rate guarantee - if you find a better rate elsewhere, they will refund the difference.