 have gone somewhere without understanding exchange rates and ended up wildly overpaying for something. Brits have revealed the biggest mistakes they make which cost them moneyCredit: SWNS Another 11 per cent have had currency stolen from them – or lost it themselves – and 22 per cent got caught out paying hotel rates for excursions, that were cheaper elsewhere. In all, 65 per cent of travellers admit to financial issues that have cost them cash abroad, with six in 10 of these incurring fees for withdrawals and debit card transactions overseas. This research was commissioned by HSBC UK, to launch its new account, Global Money, which allows its customers to spend abroad (withdraw cash or make card purchases) without the bank charging fees. Tom Wolfenden, head of retail at the bank, said: "As the research shows, spending abroad can be mind boggling if you don't fully understand conversion rates and local currency. 'This year many people will be travelling internationally again, but with the rising cost of living they'll also be keeping a close eye on their finances. 'The most popular way to spend abroad is with a debit card but traditionally, this incurs fees, and exactly what people are paying isn't always clear. 'Customers should be able to manage their money whenever and wherever they want without worrying about fees. 'We want to make it easier for our customers to manage their spending so they can focus on enjoying their trip.' More than half (56 per cent) of travellers don't know how much their debit card provider charges for purchases or cash withdrawals. And almost three in 10 (28 per cent) couldn't say how much they paid in fees last time they went away. Two in three Brits (66 per cent) say the rising){kind=link}
MILLIONS of Brits have suffered a financial mishap on holiday including losing foreign currency, realising at the end of a meal they were short on the bill – and not taking the opportunity to haggle.
A survey of 2,014 adults found more than one in 10 (12 per cent) have gone somewhere without understanding exchange rates and ended up wildly overpaying for something.
Another 11 per cent have had currency stolen from them – or lost it themselves – and 22 per cent got caught out paying hotel rates for excursions, that were cheaper elsewhere.
In all, 65 per cent of travellers admit to financial issues that have cost them cash abroad, with six in 10 of these incurring fees for withdrawals and debit card transactions overseas.
This research was commissioned by HSBC UK, to launch its new account, Global Money, which allows its customers to spend abroad (withdraw cash or make card purchases) without the bank charging fees.