Foreign currency access 'problem for Brits abroad'

Foreign currency exchange rates mean that Britons who need to access their money abroad could be paying more than necessary, a new survey has suggested.

Research from international bank Santander demonstrates that Britons abroad tend to use cash rather than cheaper alternative methods.

The figures show that around half of all Britons abroad use cash as their "primary payment method".

Only five per cent of those surveyed were found to hold a foreign currency account, an option which could save them money when the sterling to euro exchange rate is low.

Vim Maru, director of retail products at Santander UK, commented: "It is not just ATM withdrawals where you can incur a fee.

"If you use a debit card to purchase items in a shop or restaurant you will also incur a foreign exchange fee, as of course you will when exchanging money in the UK before travelling abroad."

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Posted by Sarah Pitton