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U.K. travelers face high ATM fees overseas

July 1, 2008

ePaynews.com:British holidaymakers who withdraw cash from foreign ATMs are paying fees and commissions of up to 4 percent, warns financial-comparison Web site MoneyExpert.com.

U.K. travelers are likely to withdraw more than Â£7 billion (U.S. $13.9 billion) from foreign ATMs this year, but doing so could cost them as much as Â£284 million (U.S. $566 million) in fees.The average cash withdrawal made by U.K. citizens abroad is equivalent (in foreign currency terms) to Â£103 (U.S. $205). However, commission fees and handling charges mean that a charge of around Â£107 (U.S. $213) will show up on their bank or card statements.