UK travellers fail to accurately plan holiday spending

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Car Rental News - 26/10/2009


Brits accumulating hefty charges from ATM withdrawls made overseas

New data released by First rate Exchange Services has suggested that less than half of British travellers make accurate calculations of how much spending they expect to do while on holiday overseas, with the result that they end up paying much more due to expensive cash withdrawals from ATM machines while holidaying abroad.

Average ATM withdrawal fees cost around £5 for debit card withdrawals, and £6 for each withdrawal made by using a credit card, which means that only a few withdrawals can add up to significant charges accumulating on top of all the holiday spending the tourists are doing.

Research conducted by First rate Exchange Services revealed that as many as 32% (almost a third) of British travellers have admitted that their failure to budget accurately had cost them hefty sums in ATM withdrawal fees, with the financial strain felt well beyond their stay abroad.

Among the demographics, the Welsh turned out to be the most holiday spending-savvy travellers, with only 2% saying tend to spend more than they anticipate. Folks in the North West though, tend to end up paying significant amounts in ATM fees, as a whopping 45% said they usually spend more money than they had planned for while holidaying overseas.

Londoners are even less-prepared, with one-in-five of the capital's residents saying they do not carry any cash at all, when they leave on their trips.

First Rate Exchange Services' Gordon Gourlay says millions of UK travellers may end up paying high commission charges over the half-term weekend, from making withdrawals from ATMs while abroad.

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