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Credit card charges: Holidaymakers should avoid currency conversion fee

Holidaymakers should always pay using local currency to avoid hidden credit card charges, it has been claimed.

Financial website thisismoney.co.uk has urged Britons planning a trip abroad to be vigilant when paying for goods and withdrawing cash in a foreign country.

Many ATM's and stores will offer customers the chance to pay in their own currency but foreign retailers use an inflated conversion rate known as Dynamic Currency Conversion.

James Hickman, managing director for foreign exchange currency broker Caxton FX, claimed consumers can incur a four per cent fee for the service.

He told the website: "The four per cent fee goes straight to the retailer, so it's in their interest to try to force it on unsuspecting customers.

"Holidaymakers should be on the lookout for this holiday scam and make sure they don't pay with their plastic in any currency but the local one."

Consumers are advised to pay using local currency as UK banks will charge a more competitive rate for converting currency.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800005806-ADNFCR



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