7/28/2023 0 Comments Tsb media recipeIf you hold a debit card linked to a basic, non-fee-paying account with any of the big names on the high street, you will typically pay a 2.75% to 2.99% overseas usage fee, adding £2.75 to £2.99 to every £100 purchase, and often higher fees to take cash from ATMs. While TSB was at or near the bottom in TotallyMoney’s tables, it is by no means alone. There is a £3-a-month charge but as long you make 20 transactions a month, there is £5-a-month cashback. TSB points out that it also offers the Spend & Save Plus account, with no fees on debit card transactions worldwide. TSB also has two separate charges for using cash machines abroad – a 2.99% fee and a 1.5% fee, with a £2 minimum on the latter – although the second of those fees doesn’t apply in Europe. With more people making contactless payments, using the right credit or debit card abroad is important. That’s because TSB is one of the banks that applies a foreign currency purchase fee (in TSB’s case, £1) on each transaction outside Europe, in addition to the conversion fee when you buy something in anything other than sterling, so if you make lots of small purchases you could face a hefty bill. “Customers could make considerable savings just by packing the right card,” says the website TotallyMoney, which commissioned research on the best and worst cards for spending abroad this summer.įor example, how many TSB debit card users are aware they will pay a £1 charge plus 2.99% of the price paid every time they use their debit card outside Europe? Make a £50 purchase and £52.49 will be deducted from your bank balance (it is £51.49 within Europe). If they don’t, they could easily rack up £50-plus in bank charges.įor years, Guardian Money has been warning about the perils of using the wrong credit and debit cards while abroad however, the boom in contactless, and the fact that millions of us now pay this way without thinking twice, means it has never been more pertinent. Pack the right cardīritish consumers who use their debit cards to pay for everything contactlessly have been warned that they need to either ditch the habit while abroad or switch to a fee-free payment card. Meanwhile, you may want to invest in a bag specifically designed to fit in the overhead locker on a plane.
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