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Candidmoney.com - Money transfer charges "daylight robbery"

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Candidmoney.com

People may soon be on the look out for cheap international money transfers following Candidmoney.com's claim that spending overseas can be "daylight robbery" due to charges.

The free independent money advice website said that many consumers were not aware of the costs of using their cards abroad.

"Most consumers should be aware of surcharges when making a purchase, as even if unfair they tend to be clearly displayed," commented a spokesperson, adding: "But spending overseas is more vulnerable to hidden charges."

The company explained that most cards charge around 2.75 per cent as a currency exchange price on foreign transactions and several additional fees when withdrawing cash.

"Worse still, a handful of cards charge a further fixed fee every time you spend money abroad, for example the Halifax debit card incurs a £1.50 fee," remarked the spokesperson, describing it as "daylight robbery".

It was recently revealed that those aged 18 to 24 years old (Generation Y) are far more likely to have travelled abroad than previous generations did at the same age.

According to a survey conducted by the Post Office Travel Insurance group, nearly 80 per cent of those in Generation Y have travelled abroad an average of four times before they were 16 years old.

Youngsters spend most of their time abroad in European countries, however, 15 per cent have travelled as far as North America while 17 per cent have been to Africa and four per cent have visited South and Central America.

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