Banks cash in on holidays: Customers charged up to £5 for taking out just £100 from foreign cashpoints

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Holidaymakers are being charged much more than they expect for using a credit or debit card overseas, financial experts warn.

Many banks have increased their fees for using cards abroad over the past year, meaning someone taking out £100 from a cash machine could be charged as much as £4.95.

Similarly, spending £100 on a credit card could incur a fee of up to £3 and extremely high interest charges.

Some customers are unaware they are being charged at all, because banks fail to spell out the fees clearly in monthly statements.

The complex mix of fees earn banks and other card providers an estimated £700million a year, according to the personal finance website Moneyfacts.co.uk.

Analyst Michelle Slade said: 'People need to make sure they are aware of the additional charges they will face for using their cards in a foreign country.

'For every £100 taken out from a cash machine on an Alliance & Leicester debit card you will be charged £4.95.

'Spending £100 on your Halifax debit card will see you being charged an additional £4.25.'

She advised customers to consider credit cards issued by the Nationwide, the Post Office and some others which do not impose fees for foreign usage.