N&P’s debit card goes global

N&P's (Norwich and Peterborough Building Society) debit card, which offers fee-free ATM withdrawals and point of sale transactions when used outside the UK, has gone global since it was launched in January 2011, the Society has announced.

In the first ‘Holiday Spending Index', statistics from the first half of 2011 show that N&P's VISA debit card has been used all the way from Afghanistan to Zimbabwe, with hundreds of thousands of ATM withdrawals and point of sale purchases being carried out without any additional fee to the cardholder, resulting in some very important savings for customers.

Ewan Edwards, head of current accounts at N&P, said: "It is now unusual for people not to take a credit or debit card with them when they go abroad. Even in some of the most remote places on earth you can find a cash machine to let you have cash in the local currency, or buy things in shops or restaurants using plastic."

The Holiday Spending Index of N&P customers found:

Spain had the highest number of ATM withdrawals in the first six months of 2011, more than three times that seen in France (second highest), with Australia third and Thailand fourth;

The average withdrawal of local currency from an overseas ATM was the equivalent of £108.60 in Sterling;

The largest average withdrawal of local currency was in Afghanistan with the equivalent of £247.03 for each withdrawal, closely followed by Russia (£237.16), Ivory Coast (£217.87) and Swaziland (£204.66);

The smallest average withdrawals were seen in Senegal (£20.25) per withdrawal, Botswana (£25.66), Bosnia (£26.51) and Cayman Islands (£27.06);

The average ATM withdrawal in super-rich Monaco was just £83.48, almost the same as Ethiopia (£82.37);

Savvy N&P customers have saved money by using their fee-free debit card in far-flung places like Burundi, Benin, Guadeloupe, Guam, Palau and Vanuatu.

According to recent figures from The UK Cards Association, a massive £27.5 billion worth of transactions were carried out abroad with UK plastic in 2010, with over £7.2 billion being withdrawn from cash machines outside of the UK. The UK Cards Association has also seen a 364% increase in debit card use overseas in the last decade.

Ewan Edwards continued: "There are many good reasons to use a debit card while abroad. It gives holidaymakers the added security of not having to carry around lots of cash, as small amounts can be withdrawn regularly. It can also be a simple solution to paying for all of your bills, including meals out, car hire or excursions.

"It is also hassle-free for those who are travelling to more than one country and need to use different currencies. Plus with an N&P debit card there are no nasty post-holiday surprises as payments will come out of your account within days, not leaving you with a surprise credit card bill weeks later.

"Taking your debit card on holiday for convenience is one thing, but making sure you take one that will not charge you a fee for using it is another. Some providers would charge almost £12 for the privilege of withdrawing £250 from an overseas ATM, and with other transactions this could easily increase to almost £70. People need to make the most of their hard-earned cash, and not using the right debit card could make a huge dent in your finances."