How Much Will My Credit Card Company Charge Me For Using My Card Abroad?

It depends on what card you're using.

Visa and MasterCard charge a 1% fee for every transaction. On top of this, most credit card companies charge a levy for 'foreign usage loading', which can be as high as 2.75% per purchase.

Drawing cash is even more expensive - a cash handling fee of between 1.5% - 2% is often charged. Add this all up and you could easily be paying 5% of the amount of cash drawn in charges.

If you have time, speak to someone at your bank about which card is the best to use. Some cards like the Nationwide Visa card and the Lombard Direct credit card don't charge for foreign currency loading; the Nationwide card also has a very low cash handling fee (£0.5 or 0.5%, whichever is lower). The Liverpool Victoria card is also free from foreign loading charges, but only when customers use their card in the EU.

It's worth noting, however, that even with foreign currency loading charges, most standard credit cards are a competitive option compared to a foreign exchange bureau.