Latest news with #UK-issued
The Independent
09-04-2025
- Business
- The Independent
The best bank debit cards to use for spending abroad in 2025
Planning a trip abroad soon? Choosing the right debit card can make a big difference to your travel budget. Unfortunately, many UK debit cards still charge as much as three per cent in foreign transaction fees — plus ATM charges — which can quickly add up and make it harder to keep your spending under control. Luckily, some providers now offer fee-free spending and cash withdrawals abroad, helping you make the most of your money while you travel. What should you look out for in a Travel Debit Card? No foreign transaction fees: The best cards charge zero per cent on non-sterling transactions. Exchange rates (FX) based on official market rates: Card providers should use the standard Visa/Mastercard exchange rates with no hidden markups. Low ATM withdrawal fees: If you need easy access to cash, choose a card with no ATM withdrawal fees. Bear in mind that cash is still the most common method of payment in many countries across the world and some cards may include withdrawal limits before small fees apply. A user-friendly app with strict controls: Many providers have apps that enable you to freeze a lost card, track your spending, or access support while you're abroad. Best UK debit cards for spending abroad in 2025 Here are six of the best UK-issued debit cards to spend your money with abroad. All of these offer zero per cent foreign transaction fees. Starling Bank Starling's debit card is fee-free for all overseas spending and ATM withdrawals. You'll benefit from the real Mastercard exchange rate with no added charges. There's no monthly withdrawal cap – just a £300 daily ATM limit for security and a daily cap of six cash withdrawals. HSBC-owned First Direct removed its foreign usage fees in 2023, so its customers enjoy free card payments and withdrawals abroad. Using a First Direct debit card overseas costs the same as using it at home. The daily cash withdrawal limit is £500. Chase UK The app-based Chase UK current account includes a debit card that has 0 per cent fees around the world. It uses the Mastercard rate with no foreign loading and also doesn't charge for ATM withdrawals abroad. You should note that there is a £1,500 per month ATM withdrawal limit (and £500 per day) for overseas use. Beyond this, withdrawals could be declined, though most travellers are unlikely to reach this limit as long as you plan properly. Virgin Money M Plus The Virgin Money M Plus account provides a Mastercard debit card with no fees on foreign transactions or ATM withdrawals. Whether you're spending in shops or taking out cash, Virgin won't add any charges (though an ATM provider abroad might). The card's daily ATM withdrawal limit is around £350, which should suit most travel budgets, depending on your travel location. Monzo The Monzo debit card allows fee-free spending abroad using the Mastercard exchange rate. Bear in mind that there is a stricter limit on free cash withdrawals compared to some other providers if you're travelling outside the European Economic Area (EEA). For travel outside the EEA, you can take out £200 in foreign currency per 30 days with no fee, then a 3 per cent charge applies on further withdrawals. Within the EEA, you can withdraw up to £400 per 30 days fee-free before you pay the 3 per cent charge. If Monzo is your main bank, there are unlimited fee-free cash withdrawals within the EEA. Revolut Revolut's multi-currency card offers competitive exchange rates and fee-free usage within certain limits. If you choose the free Standard plan, you can exchange or spend up to £1,000 per month with no fee and 0.5 per cent beyond that, and withdraw £200 per month from foreign ATMs free. Just be aware that a 2 per cent fee applies thereafter. Note also that a 1 per cent surcharge is added on currency conversions made over the weekend - so it might not be your best option for quick weekend getaways. Other travel cards with limited fees but more restrictions With a Trading 212 card there are no FX fees and free withdrawals of up to £400 per month, but the drawback here is you can only make withdrawals from contactless ATMs. Naturally, this means it's not suitable for all regions or nations at this point. Elsewhere with this card you can get 0.5 per cent cashback on purchases up to £20 per month and earn up to 4.6 per cent interest on your cash, if you choose to enable this option meaning the funds will be held in qualifying money market funds and banks. You need a Trading 212 investment account to get this card. Finally, Wise will give you two free withdrawals of up to £200 per month with a 1.75 per cent fee for withdrawals above that limit. There is a small FX markup based on official exchange rates and the card can be used for both regular and contactless ATM withdrawals. Final money-saving tips for travelling abroad in 2025 buy currency at the airport: You'll get far less for your money, as airports have terrible exchange rates. 2. Spend in the local currency: This prevents a local bank from doing the currency conversion, which may not be a competitive rate. 3. Avoid taking out cash with your credit card abroad: This may impact your credit report, as it could suggest you're struggling to stay within your budget. And last but not least - check your travel insurance! Many bank accounts already include this, although always check your policy to make sure you have the appropriate level of cover for your overseas trip. When investing, your capital is at risk and you may get back less than invested. Past performance doesn't guarantee future results.
Yahoo
02-04-2025
- Business
- Yahoo
More than £1 trillion worth of card transactions made in 2024, says UK Finance
The number of contactless card transactions made in 2024 increased by 3.4% annually, according to UK Finance data. Some 18.9 billion contactless transactions were made in 2024 – a 3.4% increase compared with 2023. The figure includes both UK-issued cards and overseas cards being used within the UK. The average contactless transaction last year was for £15.86, according to UK Finance's data, which was slightly higher than an average of £15.59 in 2023. UK-issued debit and credit cards were used to make 31.4 billion transactions in 2024, including domestically and overseas, up from 30.2 billion transactions in 2023. At the end of 2024 there were 163.4 million UK debit and credit cards in issue, up from 159.7 million at the end of 2023. The total value of transactions on these cards was just over £1 trillion during 2024, which was in line with 2023 levels. Debit card spending totalled £797 billion – down 0.8% compared with 2023. Credit card transactions amounted to £249 billion – up 5.3% compared with 2023. Credit card transactions include card purchases, cash withdrawals and balance transfers. UK Finance said that in recent years, there has been a move towards people making more frequent card payments for lower values. Factors behind this include people using debit cards in places where they may have previously used cash, and the growth in contactless payments. Janine Randolph, head of data management at UK Finance, said: 'During 2024 we saw just over £1 trillion worth of transactions by UK cardholders. 'We are using our cards more frequently, particularly making use of contactless transactions, which is being driven by increased card acceptance and also mobile contactless payment.' On Tuesday, Barclays said that a record 94.6% of eligible in-store card transactions were contactless last year. Transactions were considered to be eligible if they were contactless card transactions or mobile payment up to the value of £100. Barclays said the increasing prevalence of self-service screens at retail and hospitality venues shows the importance of a 'smooth experience'. Sign in to access your portfolio
The Independent
01-04-2025
- Business
- The Independent
More than £1 trillion worth of card transactions made in 2024, says UK Finance
The number of contactless card transactions made in 2024 increased by 3.4% annually, according to UK Finance data. Some 18.9 billion contactless transactions were made in 2024 – a 3.4% increase compared with 2023. The figure includes both UK-issued cards and overseas cards being used within the UK. The average contactless transaction last year was for £15.86, according to UK Finance's data, which was slightly higher than an average of £15.59 in 2023. UK-issued debit and credit cards were used to make 31.4 billion transactions in 2024, including domestically and overseas, up from 30.2 billion transactions in 2023. At the end of 2024 there were 163.4 million UK debit and credit cards in issue, up from 159.7 million at the end of 2023. The total value of transactions on these cards was just over £1 trillion during 2024, which was in line with 2023 levels. Debit card spending totalled £797 billion – down 0.8% compared with 2023. Credit card transactions amounted to £249 billion – up 5.3% compared with 2023. Credit card transactions include card purchases, cash withdrawals and balance transfers. UK Finance said that in recent years, there has been a move towards people making more frequent card payments for lower values. Factors behind this include people using debit cards in places where they may have previously used cash, and the growth in contactless payments. Janine Randolph, head of data management at UK Finance, said: 'During 2024 we saw just over £1 trillion worth of transactions by UK cardholders. 'We are using our cards more frequently, particularly making use of contactless transactions, which is being driven by increased card acceptance and also mobile contactless payment.' On Tuesday, Barclays said that a record 94.6% of eligible in-store card transactions were contactless last year. Transactions were considered to be eligible if they were contactless card transactions or mobile payment up to the value of £100. Barclays said the increasing prevalence of self-service screens at retail and hospitality venues shows the importance of a 'smooth experience'.
