Brits travelling abroad have been encouraged to save money by shopping around for bank accounts.
Monese has advised holidaymakers that savings can be made by looking at the products offered by challenger banks.
The mobile-only bank highlighted a case study which featured the fees incurred by a family travelling away on a week-long holiday, with 2-3% fees on using a card and 2-5% fees for taking money out of ATMs in foreign countries:
- cost of villa hire: £2,500 (fee £101.99)
- meals and drinks in a restaurant: £250.49 (fee £6.88)
- supermarket shops: £176.66 (fee £4.85)
- ice creams: £4.01 (fee £0.11)
- meals and drinks in a restaurant: £78.88 (fee £2.16)
- drinks: £11.95 (fee £0.32)
- drinks: £19.21 (fee 0.52)
- ATM charges: £133.68 (fee £7.12)
Monese added that if the traveller had used its banking services, £123.95 could have been saved.
“Many of us now opt for a villa holiday, which again come with its own fees and charges,” said Monese.
“For example our case study also had to pay bank charges when paying for their villa in euros and these charges vary quite significantly across high street banks.”
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