HOLIDAYMAKERS might end up without cash this summer if they are not aware of this banking feature.
Many travellers choose to withdraw cash at the ATM when they are abroad.
There is a limit on how much money you can take out from a cash machine abroad[/caption]
However many could be unaware that there is a limit to how much you can take out every day
The amount can vary so it is worth checking with your provider ahead of your travels to avoid being caught short.
Below we share how much money each high street bank lets you withdraw each day.
BARCLAYS
The bank of over 20 million Brits lets customers withdraw up to £300 per day when abroad.
This rises to £1000 for those with a premier account.
Barclays said customers have amended their cash limits in their Barclays app then these will apply when abroad as well.
That means if you set your withdrawal limit to £200, you will only be able to take this much out when you are abroad.
You will also be charged a 2.99% fee for withdrawing cash abroad with your Barclays debit card.
That means you would be charged an extra £2.99 for withdrawing £100 abroad.
The fee will also apply if you pay using your debit card.
Lloyds
Lloyds said customers can withdraw up to £800 per day when abroad.
However, it warned the amount you can take out may vary depending on which ATM you choose to withdraw cash from.
Lloyds customers are also charged a 2.99% fee for using their card abroad.
But Club Lloyds members have recently had this fee waived as part of changes to the scheme.
It now costs £5 per month to have a Club Lloyds account after the price was hiked from £3.
Halifax
Halifax is a subsidiary of Lloyds and also has a £800 maximum withdrawal fee.
Customers are also charged a 2.99% fee for using their card abroad.
But from August 1, Halifax Rewards customers will have this charge removed.
It comes as part of a refresh of the banking offer, which will see new features added and some taken away.
SANTANDER
The high street bank said the highest amount that customers can withdraw abroad is £300.
The same rate applies to customers withdrawing cash in the UK.
This applies to Santander customers using the Edge, Edge Up and Everyday current account.
However customers with a Private Current Account, which has a £5 monthly fee, the daily withdrawal limit can be up to £1,500.
Santander warned this may vary depending on the ATM.
NATWEST
NatWest has over 19 million users across the UK, making it another popular bank for customers.
How much you can withdraw from an ATM when abroad depends on what type of account you have.
For example, customers with a student, graduate savings and teen accounts have their limit set at £250 per day.
This increases to £300 for those with premium accounts such as NatWest Silver of Platinum, which offers rewards and travel insurance.
The bank also charges customers a 2.75% fee to use their debit card abroad.
NATIONWIDE
The bank, which has 17 million customers, said current account holders can withdraw up to £500 per day at an ATM abroad.
However, the bank warned overseas banks may put higher limits on transactions.
For safety purposes and customers may find they are only able to withdraw a sterling equivalent of £135 to £150 per transaction.
If customers are affected by this, they can make further withdrawals on the same day up to the accounts withdrawal limit.
Customers may be charged for their transactions.
Nationwide customers are charged a 2.75% fee to use their debit card abroad.
BEWARE OF THIS SIMPLE MISTAKE
If you are travelling abroad this summer you should also be aware of this easy ATM mistake that could cost you.
Cash machines will usually give you the option to pay in the local currency or in pounds.
It may seem like the obvious option to pay in pounds, as it’s more familiar and the currency linked to your card.
However, by choosing this option you could end up paying more for the cash coming out of the ATM or for the goods you’re paying for at the till.
That is because the overseas bank will do the conversion to pounds and the rates are unfavourable.
However, if you choose to pay in the local currency your card will instead do the conversion which is usually much more favourable.
So if you are keen to save cash when abroad, you should opt to pay in the local currency and not pounds.
Are there other options to for spending abroad?
There are several specialist cards that can give you a great exchange rate.
These cards include travel credit cards and pre-paid cards which can let you pay abroad without fees or at a set exchange rate.
Senior Consumer Reporter Olivia Marshall explains all the options.
Travel credit cards: Travel credit cards allow you to spend money abroad without being hit by any fees or hidden charges.
But, they may still charge you for taking cash out.
We recommend the Halifax’s Clarity Card as it won’t charge you for using it abroad, nor are there any fees for withdrawing cash.
But you will be charged interest if you don’t repay your balance in full at a rate of 19.9 per cent.
And you will be charged interest on cash withdrawals until your balance is paid off too, at a rate of between 19.9 and 27.95 per cent depending on your credit score.
In other words, just because you are using plastic abroad doesn’t mean you don’t have to pay these credit cards off like you normally would.
Always pay off your balance before the end of the month with these cards to make sure that any money you saved isn’t wiped away by paying interest.
For more on travel credit cards you can read our guide here.
Pre-paid cards: An alternative to carrying cash around is to get a pre-paid card.
These cards allow you to put a set amount of cash on the card at a fixed exchange rate.
So if the rate is good at the moment, you can put money on your card and it will stay that rate when you are on holiday.
Just keep in mind that these cards can sometimes have hidden costs and charges so be sure to read the small print.
