Cost of living is 'important'

Researching the cost of living in overseas locations may help expats to budget when they make foreign exchange transactions, it has emerged.

Web comparison service Travelsupermarket.com recently advised Britons to investigate how much money they may need to exchange to fund their lifestyles abroad.

Bob Atkinson, travel expert at the portal, explained that having sufficient currency may reduce the number of people who make international payments using credit cards that have pricey fees attached.

"Before you go, you need to have an understanding of what the cost of living is and what you are going to have to spend when you are there," he said.

"If you start to rely on debit cards or credit cards, you need to ensure the card you are using has minimal charges associated to foreign payments."

Meanwhile, the portal recently revealed that Spain may see a greater number of Brits exchanging money in the country due to the stronger pound.

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By Linsey Summers.