Two-thirds of Brits have been caught out by unexpected costs abroad

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Another 11 percent have had currency stolen – or lost it themselves – and 22 percent got caught out paying hotel rates for excursions, that were cheaper elsewhere.

In all, two-thirds (65 percent) of travellers admit to financial issues that have cost them cash abroad – with six in ten of these incurring fees for withdrawals and debit card transactions overseas.

This research, commissioned by HSBC UK to launch its new account, Global Money, allows customers to spend abroad (withdraw cash or make card purchases) without the bank charging fees.

Tom Wolfenden, head of retail at the bank, said: “As the research shows, spending abroad can be mind boggling if you don’t fully understand conversion rates and local currency.

“This year many people will be travelling internationally again, but with the rising cost of living they’ll also be keeping a close eye on their finances.

“The most popular way to spend abroad is with a debit card – but traditionally, this incurs fees, and exactly what people are paying isn’t always clear.

“Customers should be able to manage their money whenever and wherever they want without worrying about fees.

“We want to make it easier for our customers to manage their spending so they can focus on enjoying their trip.”

More than half of travellers (56 percent) don’t know how much their debit card provider charges for purchases or cash withdrawals.

And almost three in ten (28 percent) couldn’t say how much they paid in fees last time they went away.

Two in three Brits say the rising cost of living has changed the way they holiday abroad – with travelling outside of peak season (20 percent), and sticking to a tight spending budget (27 percent), among the most popular ways of saving money.

Travel journalist & broadcaster Simon Calder added: “Like many travellers, I’ve moved most of my holiday spending from cash to card over the past couple of years, and with finances under pressure it is essential to keep track of your holiday spending – and avoid unnecessary transaction fees when paying by card.

“I’m all in favour of cutting complexity – and you can’t get simpler than “no fee” when spending or withdrawing money from a local ATM.

“It all helps bring down the cost of a holiday, which is needed more than ever at the moment.”

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