Martin Lewis issues warning to Brit holidaymakers over using cash machines abroad

Levi Winchester & Aaron Morris

22 May 2024 at 9:45 am·2-min read

MSE have shared a stern warning with readers -Credit:ITV

Martin Lewis' MSE team have shared a warning with Brit holidaymakers over using cash machines on foreign soil. That's because numerous ATMs abroad will charge you a small fortune to access your money.

A previous investigation by Martin found that cash machines within 200m of each other had withdrawal fees ranging from €2 to €7, and writing in the latest MSE newsletter, the expert said that you should always try to pay with local currency when possible - regardless of 'irrelevant' exchange rates.

He explained: "While the €7 fee machines did sometimes offer better exchange rates, that's irrelevant, as you should SAY NO to the foreign bank doing the conversion - you want your UK card to do it (especially if you've a specialist card). Foreign ATMs don't like that."

The Mirror reports that Martin also advised paying in local currency when possible, as paying in pounds could result in overseas conversion with generally poor rates. Martin also warned of 'scare tactics' which some banks may employ to get more money from unsuspecting tourists, adding: "They'll push and try to scare you to let them convert for you, with an 'are you sure?', or 'are you really sure?' if you select the option they don't want (as they make less money).

"Yet still say no to currency conversion. Do that and the only thing that matters is the fee, so go for the cheapest one of those."

MSE also noted how some top specialist overseas cards fail to include a 'non-sterling exchange fee' when used. The site say that the Chase Mastercard is the 'easiest' to obtain, and it allows people to withdraw up to £1,500 a month without incurring any fees. Meanwhile, Halifax's Clarity Mastercard was named as the best for people who only want to use the card while abroad.

This is because it allows for £20 cashback on a first overseas or UK purchase within 90 days, but you'll have to pay off the balance in full each month to avoid interest as it's a credit card.

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