AVOIDING sneaky holiday fees while abroad is essential if you want to relax and seasoned traveller Kat Brooks has a top tip to avoid foreign transaction fees.
The bank has a variety of different accounts, so it’s worth doing your research before you switch banks to find one which suits you best.– I was able to move around £500 into savings each month. Over a period of 18 months, I was able to amass £9,000.”“This meant I had around £90 a day to spend on accommodation, food, travel and other costs overseas – so I had toof a Monzo account for Kat was the fact she could easily keep track of her spending on her phone during her time away.
"Having this structure means I can identify where I might be overspending, helping me keep my finances on track.” The young jet setter said: “Monzo has been a travel lifesaver both while backpacking and also while I’m on secondment. Once again, it gives me a real-time exchange rate, meaning I save on foreign transaction fees.”“I think I’ve already saved around £200 on foreign fees on this trip thanks to my Monzo account,” she said.
And you will be charged interest on cash withdrawals until your balance is paid off too, at a rate of between 19.9 and 27.95 per cent depending on your credit score. So if the rate is good at the moment, you can put money on your card and it will stay that rate when you are on holiday.