Currency exchange fees 'totalling millions of pounds'

Millions of pounds are being wasted on currency exchange fees charged by credit and debit card providers.

This is the conclusion of recent research conducted by Santander, which revealed that a collective �49 million will be spent on currency exchange fees by Britons this summer.

The study also found that Brits are tending to spend more while on holiday, with the weekly spending budget coming in at around �350.

Emma Roberts, director of Santander Cards, commented: "For the millions of Britons preparing to head away this summer, the cost of foreign exchange fees when spending on a card abroad are often overlooked but they can equate to a staggering national bill of more than �49 million pounds."

Using a foreign exchange broker to exchange currencies could help Britons to get more euros or dollars for their pound.

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Posted by Chris Barber