Latest news with #JennyRoss
Scottish Sun
01-08-2025
- Business
- Scottish Sun
Little-known holiday money mistake costing you £100s in fees – easy way to avoid it
Plus, we've explained the spending rule you should always follow this summer SUMMER FAIL Little-known holiday money mistake costing you £100s in fees – easy way to avoid it Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A LITTLE-known holiday mistake could cost you dearly with hidden fees catching travellers out. Experts warn against using credit cards for ATM withdrawals or buying foreign currency online. Sign up for Scottish Sun newsletter Sign up 1 Tthese fees can seriously dent your holiday budget Credit: Getty Using a credit card to withdraw cash comes with high fees - it's no secret. However, many travellers don't realise that buying foreign currency online is treated the same way, with banks applying hefty fees and interest charges. Laith Khalaf, head of investment analysis at AJ Bell, said: "You need to be careful when ordering travel money online. "That's because if you pay by credit card, you're likely to pay a substantial 'cash fee' to your bank. "It's extremely cheeky, because your bank isn't actually converting your money into cash in this instance, the currency exchange provider is. "However, it's best to avoid these charges by sticking to using a debit card when ordering holiday cash online." For example, if you use Santander's Everyday Balance Transfer credit card to buy £1,000 of currency online, you'd face a 2.95% non-sterling transaction fee plus a 3% cash fee, adding up to £59.48 in extra costs. Meanwhile, a Lloyds Bank Everyday Credit Card would charge a 5% cash transaction fee for the same purchase, resulting in £50 in extra costs. Repeat the move for several summer holidays, and the costs quickly rack up. However, using a fee-free debit card, like First Direct's, means you wouldn't pay any additional fees at all. Jenny Ross, money editor at Which?, warned travellers to carefully review their card's terms and conditions, as most cards include these extra charges. She said: "Over a week away, these fees can seriously dent your holiday budget. "To avoid them, look for a card without foreign transaction and purchase fees and always pay in the local currency for the best exchange rate." SPENDING ABROAD: Tips to Avoid High Fees What's the solution? Use a debit card when ordering currency online to avoid unnecessary fees. That's unless you have the Barclaycard Rewards Visa, which is the only credit card that doesn't charge fees or instant interest for ATM withdrawals abroad. Before you travel, take time to shop around for the best exchange rates and plan ahead. Compare travel money companies online, considering both rates and any fees, to secure the best deal. Use a debit card when ordering currency online to avoid unnecessary fees. Don't forget to factor in delivery costs and choose the option that gives you the most spending power on holiday. If you're short on time, you can still order online and collect your currency at the airport. Comparison tools like TravelMoneyMax can help you quickly compare pick-up and pre-order rates to maximise your savings. Which credit cards don't charge for overseas spending? Barclaycard Rewards Visa No fees on overseas spending or ATM withdrawals No interest on cash withdrawals if repaid in full Representative APR: 28.9% Halifax Clarity Card No fees on overseas spending or ATM withdrawals, but interest will apply from the day you make a cash withdrawal. MBNA Travel Cashback Credit Card No fees or interest on overseas spending for three years (if repaid in full each month), 2.95% fee from year four. Overseas ATM withdrawals come with a 5% fee and 12.9% representative APR interest charged daily until repaid Virgin Money Travel Credit Card No fees or interest on overseas spending Overseas ATM withdrawals have a 5% fee and 24.9% representative APR interest charged daily until repaid What are the alternatives? Deciding whether you really need to order cash in advance is important - especially if you have access to fee-free debit cards or prepaid travel cards. These cards can save you money and simplify spending, offering flexibility for your holiday budget, particularly in destinations where cards are widely accepted. Many options, including prepaid debit cards, let you pay abroad without fees or at a fixed exchange rate, making them a smart choice for travellers. Top debit cards You should always check the terms and conditions of your debit card to see if, on the off chance, you can use it abroad without any extra fees. Chase, First Direct and Starling all offer fee-free spending when you use their debit cards abroad. Those without this capability could choose to link their bank account with Currensea's Mastercard debit card via open banking. Then when you spend or withdraw on the Currensea card, it charges your linked current account in pounds (via direct debit), avoiding the non-sterling transaction fees and ATM fees that most banks charge. Top prepaid cards A great alternative to carrying cash or your debit card is using a prepaid travel card. Brands like Revolut, Wise, and EasyFX offer prepaid cards that let you load a set amount of money at a fixed exchange rate. This means if the rate is favourable now, you can lock it in, and it will remain the same while you're on holiday. However, be cautious - these cards can sometimes come with hidden fees and charges. Always read the fine print to avoid unexpected costs. Money loaded onto a prepaid card is considered electronic money (e-money) and isn't protected by the Financial Services Compensation Scheme (FSCS). FSCS protection ensures your money is safeguarded up to £85,000 if a bank or financial institution collapses. However, prepaid card providers must keep your money in a separate ringfenced bank account, away from their operating funds. This means that if the provider goes bust and has followed the rules, the bank or building society holding your money will still have it, and you should be able to reclaim it.
The Sun
01-08-2025
- Business
- The Sun
Little-known holiday money mistake costing you £100s in fees – easy way to avoid it
A LITTLE-known holiday mistake could cost you dearly with hidden fees catching travellers out. Experts warn against using credit cards for ATM withdrawals or buying foreign currency online. 1 Using a credit card to withdraw cash comes with high fees - it's no secret. However, many travellers don't realise that buying foreign currency online is treated the same way, with banks applying hefty fees and interest charges. Laith Khalaf, head of investment analysis at AJ Bell, said: "You need to be careful when ordering travel money online. "That's because if you pay by credit card, you're likely to pay a substantial 'cash fee' to your bank. "It's extremely cheeky, because your bank isn't actually converting your money into cash in this instance, the currency exchange provider is. "However, it's best to avoid these charges by sticking to using a debit card when ordering holiday cash online." For example, if you use Santander's Everyday Balance Transfer credit card to buy £1,000 of currency online, you'd face a 2.95% non-sterling transaction fee plus a 3% cash fee, adding up to £59.48 in extra costs. Meanwhile, a Lloyds Bank Everyday Credit Card would charge a 5% cash transaction fee for the same purchase, resulting in £50 in extra costs. Repeat the move for several summer holidays, and the costs quickly rack up. However, using a fee-free debit card, like First Direct's, means you wouldn't pay any additional fees at all. Jenny Ross, money editor at Which?, warned travellers to carefully review their card's terms and conditions, as most cards include these extra charges. She said: "Over a week away, these fees can seriously dent your holiday budget. "To avoid them, look for a card without foreign transaction and purchase fees and always pay in the local currency for the best exchange rate." SPENDING ABROAD: Tips to Avoid High Fees What's the solution? Use a debit card when ordering currency online to avoid unnecessary fees. That's unless you have the Barclaycard Rewards Visa, which is the only credit card that doesn't charge fees or instant interest for ATM withdrawals abroad. Before you travel, take time to shop around for the best exchange rates and plan ahead. Compare travel money companies online, considering both rates and any fees, to secure the best deal. Use a debit card when ordering currency online to avoid unnecessary fees. Don't forget to factor in delivery costs and choose the option that gives you the most spending power on holiday. If you're short on time, you can still order online and collect your currency at the airport. Comparison tools like TravelMoneyMax can help you quickly compare pick-up and pre-order rates to maximise your savings. Which credit cards don't charge for overseas spending? Barclaycard Rewards Visa No fees on overseas spending or ATM withdrawals No interest on cash withdrawals if repaid in full Representative APR: 28.9% Halifax Clarity Card No fees on overseas spending or ATM withdrawals, but interest will apply from the day you make a cash withdrawal. MBNA Travel Cashback Credit Card No fees or interest on overseas spending for three years (if repaid in full each month), 2.95% fee from year four. Overseas ATM withdrawals come with a 5% fee and 12.9% representative APR interest charged daily until repaid Virgin Money Travel Credit Card No fees or interest on overseas spending Overseas ATM withdrawals have a 5% fee and 24.9% representative APR interest charged daily until repaid What are the alternatives? Deciding whether you really need to order cash in advance is important - especially if you have access to fee-free debit cards or prepaid travel cards. These cards can save you money and simplify spending, offering flexibility for your holiday budget, particularly in destinations where cards are widely accepted. Many options, including prepaid debit cards, let you pay abroad without fees or at a fixed exchange rate, making them a smart choice for travellers. Top debit cards You should always check the terms and conditions of your debit card to see if, on the off chance, you can use it abroad without any extra fees. Chase, First Direct and Starling all offer fee-free spending when you use their debit cards abroad. Those without this capability could choose to link their bank account with Currensea's Mastercard debit card via open banking. Then when you spend or withdraw on the Currensea card, it charges your linked current account in pounds (via direct debit), avoiding the non-sterling transaction fees and ATM fees that most banks charge. Top prepaid cards A great alternative to carrying cash or your debit card is using a prepaid travel card. Brands like Revolut, Wise, and EasyFX offer prepaid cards that let you load a set amount of money at a fixed exchange rate. This means if the rate is favourable now, you can lock it in, and it will remain the same while you're on holiday. However, be cautious - these cards can sometimes come with hidden fees and charges. Always read the fine print to avoid unexpected costs. Money loaded onto a prepaid card is considered electronic money (e-money) and isn't protected by the Financial Services Compensation Scheme (FSCS). FSCS protection ensures your money is safeguarded up to £85,000 if a bank or financial institution collapses. However, prepaid card providers must keep your money in a separate ringfenced bank account, away from their operating funds. This means that if the provider goes bust and has followed the rules, the bank or building society holding your money will still have it, and you should be able to reclaim it. Holiday rule you should ALWAYS follow WHEN paying by card abroad, you'll often be asked if you'd like to pay in pounds or the local currency. You should ALWAYS choose to pay in the local currency., This is because it ensures your card handles the currency conversion, which typically offers a much better exchange rate than the one provided by the retailer or ATM. If you choose pounds, the retailer applies their own exchange rate, which often comes with hefty mark-ups and poor value for money. Even with standard credit or debit cards that charge fees for spending abroad, it is highly unlikely that the retailer's exchange rate will be better than your card provider's. This rule is especially important if you have a top overseas card, as their exchange rates are unbeatable.
Yahoo
16-06-2025
- Yahoo
Visitors spot incredible sight in tiny Aussie bay: 'Very special'
It's a tiny bay off the coast of Shellharbour, popular with swimmers and snorkellers for its protected, clear waters. But on Monday, visitors at Bushrangers Bay, south of Sydney, were treated to the arrival of some special guests — a pod of humpback whales who could even be heard singing from the shore to the delight of onlookers. Alex Ross, a former local, was back in town visiting his children and grandchildren when he and his wife, Jenny, decided to stop by Bass Point to see if they could see any whales. 'We probably saw 10 or 15 pods down there this morning, but quite a few of them were off shore and then this pod came around just as we got there and went right into Bushrangers Bay,' he told Yahoo News. The couple watched on in awe as the pod of at least three whales swam close to shore, in and out of the bay twice. 'Bushrangers Bay is a tiny, little marine reserve. It's about the size of maybe three Olympic swimming pools,' Alex said. 'It's quite narrow… but it's deep in there. 'They just came in and hardly had enough room to turn around in there really. So that's why I was quite surprised they went in there twice!' Incredibly, there were several people swimming in the bay when the whales arrived, with one man saying he could hear them singing. 'It was the most amazing thing to hear their sounds underwater,' he wrote to Alex on Facebook. The animals were so close to shore even those on land could hear the faint songs. The rare sighting combined with their grandson's birthday on the same day made it a 'very special' experience for Alex and Jenny before they head home to New Zealand next month. Whale season kicked off just a few weeks ago, with the peak time for whale spotting usually around the end of June and throughout July. As part of their annual migration from Antarctica to the South Pacific to breed, the whales travel right along the Australian coastline — though you'd have to be lucky to see them this close. Do you have a story tip? Email: newsroomau@ You can also follow us on Facebook, Instagram, TikTok, Twitter and YouTube.
Yahoo
13-06-2025
- Business
- Yahoo
Online Shoppers Warned About New Payment Method
Online shoppers have been increasingly provided the option to pay directly from their bank accounts instead of having to put in all of their credit or debit card information. While this might be convenient for some shoppers and offer some perks, it also carries some significant risks. These new "pay by bank" options have some perks for customers, allowing refunds to be processed instantly and allowing the transacrion to proceed without card details being shared. It also has some perks for businesses, allowing them to bypass card transaction fees and receive customer funds immediately. While this might be alluring to consumers and businesses alike, there are some security concerns. While the "pay by bank" options are increasingly common, Which? money editor Jenny Ross issued a pretty major warning for consumers, pointing out that these sort of payments lacks the Section 75 and chargeback protections associated with other payment methods. Section 75 of the Consumer Credit Act can hold credit card companies liable for faulty or unfulfilled purchases. This allows shoppers to potentially file chargebacks with their credit card provider and receive refunds even if the retailer fails to reimburse them. These same protections don't exist for "pay by bank" options. 'Innovations like pay by bank present opportunities for businesses and consumers alike, but they're not without risk, particularly as they lack the rigorous purchase protections you get when paying by card," Ross said via The Independent. 'We're calling on the regulator to act to ensure consumers can use pay by bank with confidence, but in the meantime, we'd urge consumers to think carefully before using it to book events or make substantial purchases – for now, your good old-fashioned credit or debit card may be the best option.' Obviously, this is an important thing for customers to consider before using the "pay by bank" option for their online shopping. Online Shoppers Warned About New Payment Method first appeared on Men's Journal on Jun 13, 2025
Wales Online
12-06-2025
- Business
- Wales Online
Watchdog warns over common payment method where you 'need protection'
Watchdog warns over common payment method where you 'need protection' Which? has raised concerns over the 'protection gap' for shoppers who will not be covered by consumer rules Items purchased through online shopping Shoppers are being urged to consider what protections they have when making payments, with the rise in 'pay by bank' as an option. Pay by bank allows people to quickly and securely pay money directly from their bank account without needing to enter the recipient's bank details or use a card. But Which? raised concerns that people may be unaware of a 'protection gap' if something goes wrong with a purchase. People may be familiar with using pay by bank to settle credit card balances or pay bills, and it has also become an option for retail purchases, the consumer group said. But Which? warned that the option lacks the Section 75 and chargeback protections that people may have when using some other payment methods. Under Section 75 of the Consumer Credit Act, a credit card company can be held jointly and severally liable for a purchase that turns out to be shoddy or does not materialise, in certain circumstances. This means that a shopper could potentially get a refund from the credit card company if they cannot recoup their costs from the retailer. People using a debit card or a credit card for purchases could also potentially get their money back via the voluntary chargeback scheme. Which? said pay by bank is a 'potential game changer' for businesses as they can sidestep card transaction fees and also benefit from receiving customer funds immediately. There is also appeal for consumers too as refunds can be processed instantly, and card details are not shared when making a transaction – eliminating the risk of them being stolen or compromised. People do have general purchase rights under the Consumer Rights Act, meaning that goods must be fit for purpose, as described and of satisfactory quality. But Which? said these protections are not always easy to enforce and in some cases may end up with people needing to go to a small claims court. Article continues below People may also face difficulties in the event of a business going bust, particularly if there is an issue with a future-dated purchase such as a flight, a festival, or a household big ticket purchase such as a kitchen or a sofa, the consumer group said. Jenny Ross, Which? Money editor, said: 'Innovations like pay by bank present opportunities for businesses and consumers alike, but they're not without risk, particularly as they lack the rigorous purchase protections you get when paying by card. 'We're calling on the regulator to act to ensure consumers can use pay by bank with confidence, but in the meantime, we'd urge consumers to think carefully before using it to book events or make substantial purchases – for now, your good old-fashioned credit or debit card may be the best option.' A spokesperson for banking and finance industry body UK Finance said: 'There are a range of options for making payments online which provides customers with choice as to how they wish to pay. Different payment methods do come with different levels of protection and it's worth being aware of these when shopping online, particularly when making higher value purchases.' Riccardo Tordera-Ricchi, director of policy and government relations at the Payments Association, said: 'Pay by bank offers real advantages – from lower merchant fees to faster settlement and improved security through reduced reliance on card details. 'But as it becomes more widely used, especially for high-value or future-dated purchases, it's essential that consumers understand the protections associated with different payment methods. As payment options diversify, making informed choices is just as important as the technology behind them.' Mr Tordera-Ricchi described Section 75 as 'a powerful example of how regulatory frameworks can meaningfully protect consumers'. Article continues below Tom Burton, director of external affairs and public policy at bank payment company GoCardless, said: 'Open banking payments are good news for British consumers: they offer bank-grade security measures, instant refunds, reduced fraud risk and, crucially, small businesses that use them don't face the same high fees as they do for card acceptance. Lower merchant costs mean shoppers get cheaper prices – a real win-win. 'There is more to do though if open banking is to genuinely compete with cards, including building on the foundations of the consumer protections that are already in place. GoCardless is working hard to make that a reality for consumers and merchants by closely collaborating with the Government, regulators and others.'
