Are you unwittingly adding to your holiday spending costs? Beware rip-off fees for paying in pounds abroad



Holidaymakers could be unwittingly adding as much as 10 per cent to their costs by choosing to pay by card in pounds rather than the local currency.
When you pay in pounds, bars, restaurants and shops can set their own exchange rate rather than using your bank's. This Dynamic Currency Conversion (DCC) allows them to load the rate, typically adding an extra 6 per cent fee on top, and sometimes even more.
The fee is easily avoidable, but it ends up costing Britons a collective £500 million per year, according to research by FairFX. 
The simple way to avoid this extra charge is to always ask... read more

 
1 August 2017 in Business, Views: 43
Source: Daily Mail
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