A new warning has been issued over a “crazy” new fee UK tourists face in Spain. European Union holidaymakers face a six euro per withdrawal rule at cashpoints and ATMs in the country, it has emerged, ahead of the spring and summer.
TikTok influencer Harry Tokky warned to avoid ATMs, particularly those operated by Euronet. “They have the worst exchange rates and the highest fees,” Tokky said in a viral clip which has been shared widely by British visitors.
Money Saving Expert reports: “Many overseas hotels, shops and ATMs ask this when you pay by card. If you choose pounds, the retailer does the currency conversion – but rates can often be poor compared with letting your card do it.”
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The consumer group and advice website, which was founded by Martin Lewis, the 52-year-old BBC and ITV star, went on to say: “If you’ve got a top overseas card, ALWAYS choose the local currency, as your card does the exchange and it’s unbeatable.”
Mr Lewis continued, adding: “If you’re using a bog-standard credit or debit card, it’s touch and go. Sometimes the card machine will show you the ‘non-sterling cash fee’. If this is under 2.5%, go with pounds. If it’s over, pick the local currency.”
It said: “If you’ve a top overseas credit card, spending is almost always cheaper. Even on cards with no cash withdrawal fees, you’ll usually still pay interest on the withdrawal until you pay it off.” MSE explained: “You’ll pay the non-sterling transaction fee on all transactions overseas, but you’ll also pay a fee and interest on cash withdrawals.”
In his video, Harry advised holidaymakers to beware, with Spain continuing to be a go-to for British visitors hoping for some spring and summer sunshine as we head through the calendar year now Christmas is behind us.
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