Dropped ATM fees 'help family budgets'

Friday, July 3 2009

ATM fees are unpopular and an obstacle to effective budgeting for families when they travel, according to Caxton FX.

The prepaid travel card provider explains that most cards currently available incur charges when using ATMs abroad.

However, it is dropping its own fees for such transactions in order to allow families to budget more carefully.

Managing director James Hickman says that the firm's feedback from customers "shows ATM fees are particularly unpopular".

By waiving these costs, he adds, Caxton FX aims to support its customers' budgeting efforts "at a time when family budgets are stretched".

The move follows previous research from Caxton FX which found that, of every £90 spent overseas on credit and debit cards alike, as much as £6 may be incurred in costs.

Fees are typically incurred either when withdrawing funds from an ATM or when using a pounds sterling card to make a foreign-currency purchase in a shop.