Britons 'paying for unnecessary exchange fees'

Britons are paying a combined total of £73 million in unnecessary foreign exchange fees, it has been asserted.

New research by Abbey Credit Cards has revealed that 57 per cent of UK holidaymakers plan to use a debit or credit card when they travel overseas, to destinations which could include Slovakia.

Indeed, the average traveller was found to fund 41 per cent of their getaway spending with a plastic card, the research found.

However, with the majority of card providers charging a fee for converting transactions made in foreign currencies, the financial services provider stated that the cost of holiday spending could quickly mount up.

Callum Gibson, head of credit cards at Abbey, said: "Britons holidaying abroad this summer will pay out more than £73 million pounds in foreign exchange fees, a staggering and unnecessary sum at a time when people are having to manage their finances more carefully."

Stephen Heath, chief executive of FairFX.com, recently stated that the cheapest way for Britons to obtain cash for their travels was with a foreign currency pre-paid card.