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North Wales Live
13-08-2025
- Business
- North Wales Live
Money expert says avoid travel 'cardinal sin' that will cost you a lot
People setting off on holiday should avoid buying travel money at the airport, a card payment expert has warned. The advice comes from Richard Carter, founder of Lopay, who believes many Brits part with too much cash at a bureau de change. Rich said the 'currency cardinal sin' should always be avoided when travelling abroad - or when in tourist hotspots overseas. While most airports have a bureau de change, their rates rarely represent a smart deal. The current exchange rate between GBP and the Euro is 1 to 1.1 - with the pound coming back from a yearly low last week. Some of the best online currency exchanges are currently offering 1.16, meaning £100 will result in an exchange of €115.77 - a decent deal for many holidaymakers. However, an airport or travel hub kiosk will more likely offer something closer to 1.12, meaning that same £100 trade would return around €112 - a loss of three euros per hundred pounds. The reason this should be avoided becomes all the more clear the more money that gets exchanged - considering how much cash a family might want when going away for a fortnight abroad. If the family were to trade in £1,000 at the airport rate of 1.12 they'd be handed around €1,120. Online exchange rates, which are far superior and can be used while abroad as well as in the UK, would provide that 1.16 rating based on today's figures. That same £1,000 would see the family net €1,157.68 - a difference of nearly £10 a head for a family-of-four, simply by avoiding those costly airport exchange rates. But, while foreign currency has its uses, Rich's best advice is to use a credit card for as many purchases as possible - from restaurants to shops and hotels. Using a credit card allows users to choose to pay in the local currency, avoiding dynamic conversion rates, which give a poor rate if converted to pounds. Credit cards can also provide a layer of protection when abroad if you purchase unsatisfactory or faulty goods under section 75 of the Consumer Credit Act 1974 - meaning your credit card provider has a legal responsibility to reimburse you up to a maximum of £30,000. Rich said: 'People work hard throughout the year to enjoy their getaway over the summer and so it is imperative that they know where to land the best deals to get the bang for their buck. 'There are now so many good, reputable online currency converters who offer the best exchange rates by far. This is the opposite of airport bureau de change, which offers a very poor rate that some might be tempted by as they land abroad or turn up to the airport with no cash. 'I would advise people to keep a clear mind and understand that there are better deals to be had – always shop around and have a look online before you set off. Do your research, or you may be sorry.'
Wales Online
13-08-2025
- Business
- Wales Online
Money expert says avoid travel 'cardinal sin' that will cost you a lot
Money expert says avoid travel 'cardinal sin' that will cost you a lot Rich says to 'keep a clear mind and understand' You could end up with less money than you should have People setting off on holiday should avoid buying travel money at the airport, a card payment expert has warned. The advice comes from Richard Carter, founder of Lopay, who believes many Brits part with too much cash at a bureau de change. Rich said the 'currency cardinal sin' should always be avoided when travelling abroad - or when in tourist hotspots overseas. While most airports have a bureau de change, their rates rarely represent a smart deal. The current exchange rate between GBP and the Euro is 1 to 1.1 - with the pound coming back from a yearly low last week. Some of the best online currency exchanges are currently offering 1.16, meaning £100 will result in an exchange of €115.77 - a decent deal for many holidaymakers. However, an airport or travel hub kiosk will more likely offer something closer to 1.12, meaning that same £100 trade would return around €112 - a loss of three euros per hundred pounds. The reason this should be avoided becomes all the more clear the more money that gets exchanged - considering how much cash a family might want when going away for a fortnight abroad. If the family were to trade in £1,000 at the airport rate of 1.12 they'd be handed around €1,120. Online exchange rates, which are far superior and can be used while abroad as well as in the UK, would provide that 1.16 rating based on today's figures. That same £1,000 would see the family net €1,157.68 - a difference of nearly £10 a head for a family-of-four, simply by avoiding those costly airport exchange rates. But, while foreign currency has its uses, Rich's best advice is to use a credit card for as many purchases as possible - from restaurants to shops and hotels. Using a credit card allows users to choose to pay in the local currency, avoiding dynamic conversion rates, which give a poor rate if converted to pounds. Credit cards can also provide a layer of protection when abroad if you purchase unsatisfactory or faulty goods under section 75 of the Consumer Credit Act 1974 - meaning your credit card provider has a legal responsibility to reimburse you up to a maximum of £30,000. Article continues below Rich said: 'People work hard throughout the year to enjoy their getaway over the summer and so it is imperative that they know where to land the best deals to get the bang for their buck. 'There are now so many good, reputable online currency converters who offer the best exchange rates by far. This is the opposite of airport bureau de change, which offers a very poor rate that some might be tempted by as they land abroad or turn up to the airport with no cash. 'I would advise people to keep a clear mind and understand that there are better deals to be had – always shop around and have a look online before you set off. Do your research, or you may be sorry.'
Scotsman
29-07-2025
- Business
- Scotsman
Holiday money: debit card mistake could drain your cash
Holidaymakers could be losing £10+ each time they take out cash abroad 💳 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Brits are being warned about costly fees from using ATMs abroad A single withdrawal can trigger up to four separate charges Fees include ATM use, bank withdrawal, currency conversion, and admin costs Using a credit card abroad can lead to even higher charges Experts advise using fee-free cards or paying by card instead of taking out cash UK holidaymakers are being urged to think twice before using ATMs while abroad – or risk racking up four separate fees just to get their own money. Payment expert Richard Carter, founder of low-cost payment app Lopay, says too many Brits are still making one simple yet expensive mistake on holiday: withdrawing cash at foreign ATMs. Advertisement Hide Ad Advertisement Hide Ad While it might feel like the quickest way to grab some spending money, the hidden costs can add up fast – especially if you do it more than once during your trip. Here's how the costs stack up: ATM fee abroad: Many machines charge a fixed fee just to use them. Many machines charge a fixed fee just to use them. Your bank's withdrawal fee: This can add a percentage or flat rate. This can add a percentage or flat rate. Currency conversion fee: Charged by the card network (e.g. Visa, Mastercard, Amex), often around 2.75–3%. Charged by the card network (e.g. Visa, Mastercard, Amex), often around 2.75–3%. Card issuer/admin fee: Some UK banks slap on a further fee for foreign use. (Photo: Pexels) | Pexels In total, you could be losing over £10 for every €40 you take out – especially if you're using a credit card rather than a debit card. For example, if you bank with HSBC, a single ATM withdrawal abroad could see a 2% withdrawal fee (min £1.75, max £5), and a 2.75% currency conversion fee. That's almost 5% of your cash gone – and that's just one transaction. Spread across a 10- to 14-day holiday, these small charges could snowball into hundreds of pounds. Advertisement Hide Ad Advertisement Hide Ad Carter's advice is clear: 'Use ATMs only in emergencies. People work hard to afford their holidays – it makes no sense to hand money back to banks through hidden charges.' He adds that ATMs abroad don't always make fees obvious upfront: 'You may not even realise you're being charged until you check your bank statement. That quick €40 stop could actually cost you £50 or more across multiple trips.' Smarter, cheaper ways to spend abroad Instead of relying on cash machines: Use fee-free travel debit cards like Chase, Starling, or Monzo Pay by card whenever possible – it's more secure and often cheaper Check fees before you travel – use your bank's app or website Avoid DCC (Dynamic Currency Conversion) – always choose to pay in the local currency when using your card Ditch the ATM card routine abroad unless absolutely necessary. With contactless payments accepted widely across Europe and beyond, there's little reason to pay steep fees for your own money. Advertisement Hide Ad Advertisement Hide Ad
Scotsman
07-07-2025
- Business
- Scotsman
5 costly card payment mistakes to avoid when traveling
Hidden card fees can sneak up on you while traveling 🌍 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Payment expert Richard Carter warns Brits about common but expensive mistakes when using cards abroad Hidden fees on debit and credit card transactions can quickly add up while traveling Choosing the wrong payment options can lead to unnecessary charges on purchases and cash withdrawals Some banks charge significantly higher fees than others for foreign transactions Planning ahead can help holidaymakers avoid unexpected costs and keep spending in check A card payment expert is warning Brits about costly mistakes when using cards abroad. Richard Carter, CEO of low-cost payment app Lopay, urges holidaymakers to plan ahead to avoid hidden foreign transaction fees. Advertisement Hide Ad Advertisement Hide Ad Drawing on years of experience helping small businesses cut payment costs, Carter explains that withdrawing £250 abroad with a debit card can cost £11.88, while some credit cards charge up to £14.95. Even everyday purchases can rack up fees: spending £50 on a debit card might cost an extra £1.38, and a credit card could add £1.50. To help travellers save money, Carter has revealed five key tips for avoiding extra charges when paying for food, shopping, and more overseas. (Photo: Pexels) | Pexels Always pay for things in the local currency - never convert to GBP Whether using your credit or debit card, overseas customers are always asked whether they would like the transaction to be charged in local currency, or to be calculated in Pounds Sterling. Advertisement Hide Ad Advertisement Hide Ad This will usually be an option on the card reader or at an ATM, but Carters says it is essential to always choose the local currency to avoid extra fees and save money. This is true whether you're shopping online or using a debit or credit card. When you pay in the local currency you avoid being hit by the vendor or cash machine's mark-up fee for converting the money. These additional charges are often around 3% but can be into the double digits. Carter says: 'This is the one rule I tell my family, friends or anyone who asks - don't throw your money away just for the convenience of seeing the transaction appear in pounds and pence. 'Use a currency converter app on your phone if you're unsure about how much the price will translate to in your more familiar currency. Advertisement Hide Ad Advertisement Hide Ad 'One thing that certainly won't look familiar is the charge on your bank or credit card statement, once you've swallowed that hidden fee - and of course they all add up.' Get a fee-free debit or credit card Alongside bringing some local currency with you, you're best off finding a fee-free debit or credit card, that doesn't charge to spend or withdraw cash. Starling and Monzo banks both offer cards that carry no abroad charges. Household banks like Halifax, Lloyds and Barclays will charge you for using your card overseas. Advertisement Hide Ad Advertisement Hide Ad Use a credit card over a debit card Using a credit card abroad gives you protection under legislation from the Consumer Credit Act, known as Section 75. This hugely increases your chances of a refund, if the worst happens. If goods are faulty, not delivered or a supplier goes bust, you will have the security of getting your money back. Section 75 doesn't only apply to purchases made in the UK, but transactions made abroad too. Section 75 does not apply to debit cards at home or abroad. Avoid withdrawing cash from ATMs abroad It's becoming more common for the actual cash machine to charge you when abroad. There's no way around this, but don't assume all ATMs charge the same, so do your research and choose accordingly. Most debit and credit cards do also come with a cash withdrawal fee, which kicks in every time you use your card abroad. Advertisement Hide Ad Advertisement Hide Ad This fee includes the currency conversion charge imposed by card firms like Mastercard, Visa or Amex and the administration fee imposed by the banks. The average foreign transaction fee faced by debit card holders is 2.75%, while credit card holders can typically expect a charge of 2.95%. Brits with an HSBC debit card can expect to face a 2% fee for withdrawals with a minimum charge of £1.75 and maximum charge of £5 for each transaction. They will also face a 2.75% currency conversion fee on top. Someone with HSBC's Rewards Credit Card Mastercard will face a 2.99% transaction fee every time they use their card abroad. Advertisement Hide Ad Advertisement Hide Ad If needs must and you need to withdraw cash - always complete the transaction 'without conversion,' if prompted by the ATM. By selecting 'with conversion' or accepting the rate proposed by the terminal, the ATM provider can apply their own exchange rate, which is not the standard bank rate, and will make a profit on your transaction. Cash is (sometimes) king Many of us don't bother bringing foreign currency with us on holiday, relying on credit or debit cards, or withdrawing cash via an ATM - which can be costly, as outlined previously. Arranging currency via your local bank is actually one of the most expensive places to change money - so avoid it at all costs. Advertisement Hide Ad Advertisement Hide Ad You should also steer clear of using a Money Exchange desk at the airport, the exchange rates at Bureaux de Change in airports is generally very poor. You're best off going to a travel money bureaux at supermarkets and retailers like Sainsburys, Tesco or Asda because they often offer the most competitive exchange rates. Checking on currency converter sites like Money Supermarket, will give you the latest and best currency rates available. Your money can then be delivered to you or picked up before your trip. Are you struggling to make ends meet as costs continue to rise? You can now send your stories to us online via YourWorld at It's free to use and, once checked, your story will appear on our website and, space allowing, in our newspapers.
Scotsman
07-07-2025
- Business
- Scotsman
5 costly card payment mistakes to avoid when traveling
Hidden card fees can sneak up on you while traveling 🌍 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Payment expert Richard Carter warns Brits about common but expensive mistakes when using cards abroad Hidden fees on debit and credit card transactions can quickly add up while traveling Choosing the wrong payment options can lead to unnecessary charges on purchases and cash withdrawals Some banks charge significantly higher fees than others for foreign transactions Planning ahead can help holidaymakers avoid unexpected costs and keep spending in check A card payment expert is warning Brits about costly mistakes when using cards abroad. Richard Carter, CEO of low-cost payment app Lopay, urges holidaymakers to plan ahead to avoid hidden foreign transaction fees. Advertisement Hide Ad Advertisement Hide Ad Drawing on years of experience helping small businesses cut payment costs, Carter explains that withdrawing £250 abroad with a debit card can cost £11.88, while some credit cards charge up to £14.95. Even everyday purchases can rack up fees: spending £50 on a debit card might cost an extra £1.38, and a credit card could add £1.50. To help travellers save money, Carter has revealed five key tips for avoiding extra charges when paying for food, shopping, and more overseas. (Photo: Pexels) | Pexels Always pay for things in the local currency - never convert to GBP Whether using your credit or debit card, overseas customers are always asked whether they would like the transaction to be charged in local currency, or to be calculated in Pounds Sterling. Advertisement Hide Ad Advertisement Hide Ad This will usually be an option on the card reader or at an ATM, but Carters says it is essential to always choose the local currency to avoid extra fees and save money. This is true whether you're shopping online or using a debit or credit card. When you pay in the local currency you avoid being hit by the vendor or cash machine's mark-up fee for converting the money. These additional charges are often around 3% but can be into the double digits. Carter says: 'This is the one rule I tell my family, friends or anyone who asks - don't throw your money away just for the convenience of seeing the transaction appear in pounds and pence. 'Use a currency converter app on your phone if you're unsure about how much the price will translate to in your more familiar currency. Advertisement Hide Ad Advertisement Hide Ad 'One thing that certainly won't look familiar is the charge on your bank or credit card statement, once you've swallowed that hidden fee - and of course they all add up.' Get a fee-free debit or credit card Alongside bringing some local currency with you, you're best off finding a fee-free debit or credit card, that doesn't charge to spend or withdraw cash. Starling and Monzo banks both offer cards that carry no abroad charges. Household banks like Halifax, Lloyds and Barclays will charge you for using your card overseas. Advertisement Hide Ad Advertisement Hide Ad Use a credit card over a debit card Using a credit card abroad gives you protection under legislation from the Consumer Credit Act, known as Section 75. This hugely increases your chances of a refund, if the worst happens. If goods are faulty, not delivered or a supplier goes bust, you will have the security of getting your money back. Section 75 doesn't only apply to purchases made in the UK, but transactions made abroad too. Section 75 does not apply to debit cards at home or abroad. Avoid withdrawing cash from ATMs abroad It's becoming more common for the actual cash machine to charge you when abroad. There's no way around this, but don't assume all ATMs charge the same, so do your research and choose accordingly. Most debit and credit cards do also come with a cash withdrawal fee, which kicks in every time you use your card abroad. Advertisement Hide Ad Advertisement Hide Ad This fee includes the currency conversion charge imposed by card firms like Mastercard, Visa or Amex and the administration fee imposed by the banks. The average foreign transaction fee faced by debit card holders is 2.75%, while credit card holders can typically expect a charge of 2.95%. Brits with an HSBC debit card can expect to face a 2% fee for withdrawals with a minimum charge of £1.75 and maximum charge of £5 for each transaction. They will also face a 2.75% currency conversion fee on top. Someone with HSBC's Rewards Credit Card Mastercard will face a 2.99% transaction fee every time they use their card abroad. Advertisement Hide Ad Advertisement Hide Ad If needs must and you need to withdraw cash - always complete the transaction 'without conversion,' if prompted by the ATM. By selecting 'with conversion' or accepting the rate proposed by the terminal, the ATM provider can apply their own exchange rate, which is not the standard bank rate, and will make a profit on your transaction. Cash is (sometimes) king Many of us don't bother bringing foreign currency with us on holiday, relying on credit or debit cards, or withdrawing cash via an ATM - which can be costly, as outlined previously. Arranging currency via your local bank is actually one of the most expensive places to change money - so avoid it at all costs. Advertisement Hide Ad Advertisement Hide Ad You should also steer clear of using a Money Exchange desk at the airport, the exchange rates at Bureaux de Change in airports is generally very poor. You're best off going to a travel money bureaux at supermarkets and retailers like Sainsburys, Tesco or Asda because they often offer the most competitive exchange rates. Checking on currency converter sites like Money Supermarket, will give you the latest and best currency rates available. Your money can then be delivered to you or picked up before your trip.
