Be Smart with Credit Cards Abroad
Football fans planning to go to South Africa to support England in the World Cup are warned against using credit cards abroad as foreign exchange fees might apply.
Experts of the banking industry have calculated that British fans will spend an average of £135 million in South Africa this year.
However, the maximum amount of money a traveller is allowed to bring in or out of South Africa is £450 (or 5,000 South African rand). These two facts mean that UK football fans will have to withdraw cash from their credit card, using ATM machines.
A study performed by one of the leading British lenders - Santander - also showed that most UK citizens (47%) rely on credit card rather than on cash or traveler’s cheques when travelling.
The problem here is simple: foreign exchange fees and handling fees that often amount to 2.5 and 1.5% accordingly.
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