Three out of four holidaymakers are unaware how much their banks will be charging them for foreign transaction fees and ATM withdrawals when using their card abroad.
In a global survey of more than 650 clients, carried out by deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organisations, 77% said they had not read the small print about using their debit cards whilst overseas.
“The soaring cost of living is making everyone check their spending and find areas where they may be able to save some money. But, as the deVere survey reveals, one area where most people fail to do this is with their own banking cards,” says deVere Group CEO, Nigel Green.
“Whilst this might not have much impact when using the plastic in your home country, when it comes to using your debit card abroad and withdrawing money from an ATM, the fees can be sky high.”
He continues: “Depending on your bank’s terms and conditions and those of the overseas retailer or restaurant, for example, you could be slapping on an extra 10% every time you use your card.
“This will make a big dent into your holiday cash and could even make you ‘downsize’ your getaway experience.”
These “outrageously excessive” fees, says the deVere CEO are “unacceptable” in today’s world.
“We believe that everyone should have the right to expect hassle-free, borderless access to and use of their money, without astronomical fees.
“deVere Vault helps address these issues of, frankly, abusive fees from legacy banks.”
deVere Vault is a game-changing global currency app as well as a single, multi-currency, Mastercard Prepaid card.
It automatically pays in Sterling in the UK, U.S. Dollars in the States, Euros in the eurozone, and Swiss Francs in Switzerland. Users can convert foreign exchange in up to 27 different currencies within the app with the swipe of their finger and make a bank payment in any of these currencies, anywhere within the global banking system from within the app. The multi-currency account also allows you to withdraw and spend money anywhere in the world where Mastercard is accepted.
Mr Green concludes: “As you head away on holiday, don’t tolerate paying more than you need to. Demand hassle-free banking anywhere, demand no hidden costs.
“You have the right to expect access to and management and use of your own money wherever you are in the world.”