Martin Lewis explains why Britons should never get converted cash at ATMs abroad
The Independent
2023-06-22
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Martin Lewis has warned holidaymakers to never convert local currency back to pounds at ATMs while abroad.
Speaking on ITV, the MoneySavingExpert urged Britons to always take out cash or pay with a card in the local currency, rather than letting an ATM or card machine convert it.
“It says ‘markup 4.5 per cent’, so they are adding a 4.5 per cent load on top of the exchange rate,” Mr Lewis said, standing at a cash point in Europe.
“You do not want this machine to do the conversion for you. You want your card company at home to do the conversion because, even if it’s not a good card, it’s a better rate.”
Speaking on ITV, the MoneySavingExpert urged Britons to always take out cash or pay with a card in the local currency, rather than letting an ATM or card machine convert it.
“It says ‘markup 4.5 per cent’, so they are adding a 4.5 per cent load on top of the exchange rate,” Mr Lewis said, standing at a cash point in Europe.
“You do not want this machine to do the conversion for you. You want your card company at home to do the conversion because, even if it’s not a good card, it’s a better rate.”
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