Spanish bank cancels ATM foreign exchange charges

British expatriates with sterling in Santander bank accounts will be able to access their funds through the company's ATMs in Spain for free.

The bank has dropped all foreign exchange charges as well as the usual cash handling fee applied to transactions made abroad.

Santander hopes the move will also benefit Britons holidaying in Spain and expects to save them over £2 million a year in ATM charges.

Alison Brittain, an executive director in Santander UK, commented: "Providing free access to Santander ATMs in Spain could save our customers over £2 million a year in ATM charges.

"Spain has always been a popular destination with Britons, and we wanted to reward the loyalty of our customers by saving them some money when they visit."

Santander is a Spanish company which expanded to the UK and acquired Abbey, Bradford and Bingley and Alliance & Leicester.

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Posted by Thomas Smith