Failing to Prepare this holiday season leads to £125m in ATM fees abroad

25 Apr, 2018

25 Apr 2018 Findings across a sample of 2004 holidaymakers commissioned by peer-to-peer travel money provider WeSwap found that a whopping 2.5billion in holiday cash is withdrawn once Brits land – one of the most expensive spots to do so – meaning £125 million is charged at the convenient yet costly hole in the wall abroad.

With UK debit cards deducting up to around 3% in non-sterling transaction fees, in Aadittion to 2% overseas ATM fee based on the amount you take out, once totalled up, we’re charged at a conservative estimate a colossal £125,000,000 in ATM fees abroad.

This doesn’t include any charges by the overseas ATM itself or any fees lost by a common practice called DCC – dynamic currency conversion – where the ATM marks up the rate again at a cost to the consumer, so WeSwap estimates that the true cost could be much higher.

The nationally representative data finds 31% of UK holidaymakers – just over 14 million Brits – withdraw cash for their holidays upon arrival at their destination, roughly taking out £169.78. Across the nation, this tots up to a staggering 2.4bn in holiday spend withdrawn once we land.

The 5% ATM top-up cranks the average withdrawal up to £178 pounds. With a minimum of £9 in fees lost per take-out, WeSwap have done the maths on a few alternatives of what you could have bagged with the excess currency collected over ten transactions:

– A day trip to France
–  Once there you could buy 188 croissants
– A high-end six course wild-boar dinner in Krakow
– Hop over to Spain and purchase yourself ten litres of Sangria
– Ten pizzas in Rome perhaps
– Over to Berlin for 20 portions of Currywurst
– Or back to France where you could bag yourself 30 crepes