Paying By Plastic On Holiday

Paying by Plastic - debit and credit cards are becoming increasingly popular ways of making payments overseas, or for raising foreign cash, but you must ensure you get the best possible deal. The Nationwide Building Society said recently that more than 650 million pounds had been wasted in foreign currency usage fees. The cost of cash withdrawals and purchases outside the UK are increased by 2.75 to 3.0 per cent by these fees. The biggest building society in Britain does not impose such fees.

A withdrawal charge will be made when you use a credit card, but not a debit card, in automatic teller machines abroad. Both the gold credit card from Nationwide and the platinum card from the Post Office, charge a minimum of 2 pounds or two per cent for cash withdrawals. On the other hand, Egg charges at least 3 pounds or 3 per cent for cash withdrawals by credit card. Abbey compares very favourably with other banks for their travel services. No charges are made on credit advances or on foreign exchange fees with their new Zero card.

The Flex Account Visa card from Nationwide is the best debit card to use, as cash withdrawals from abroad are not subject to fees and there are no foreign usage loading fees. A pre-paid card is another option. You can load the card with money before leaving and then use it to withdraw cash whilst abroad, and also to purchase goods and services. No fees are charged for making payments, so it is an attractive alternative to carrying your normal cards, traveller's cheques and cash.

An example of this type of card is the Payzonemoneycard, which costs 6.99 pounds and each cash withdrawal sets you back a pound. More information about this card can be found by visiting the Payzonemoney website.

Travel Insurance - one-in-seven holidaymakers are estimated to go abroad without having any travel insurance. They are taking huge risks, as they could be faced with crippling bills if they become ill, are jailed, have an accident or are unable to compensate others.

Defaqto, the financial research company, maintains that travel insurance is cheaper than it has ever been. For, example, Top Dog charges just 13.65 pounds to cover a family of four for two weeks in Spain. Annual cover will normally be cheaper and less hassle if you are taking more than two trips abroad each year. Mr Jones of Defaqto says that the marketplace is highly competitive, which has forced down premiums, so there is no excuse for holidaymakers to travel abroad uninsured.

The head of insurance research at the leading comparison website, Moneysupermarket recommends that personal belonging limits are checked carefully, and that you take out at least 5 million pounds of medical expenses cover. He says that some policies state they provide cover for personal belongings to the value of 1,000 pounds, but on reading the small print you discover that it will only pay out up to 150 pounds per item, which is simply not enough to replace an expensive digital camera.

Sometimes free perks are added. For example, ensure travel insurance allows parents to add children to the policy at no extra charge. If you are travelling to continental Europe, remember to take a European Health Insurance card, which has superseded the old E111 card - it is free, so there is no excuse for leaving without it.

Although the new card will cover you in European Union countries and also in Norway, Liechtenstein, Switzerland and Iceland for basic medical treatment in an emergency, it should not be looked upon as a replacement for insurance. An application form for the new card can be obtained by phone, visiting the Ehic website or dropping into a post office.

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