British tourists in Europe now have to pay £4.30 for something that used to be free

British holidaymakers could be paying more at European ATMs since Brexit, but an expert has weighed in on how the worst charges can be avoided. Withdrawing money abroad has become more expensive for the British since we left the European Union.

However, Alana Parsons, chief operations officer at Caxton, a currency card company, said there are ways Brits can avoid the charges. British travelers could lose £60 million on ATM and card transactions this year, according to Caxton’s research.

Among other things, Alana advises us to exchange money before we travel to avoid having to use an ATM for withdrawals. Alana told the Express: “Prior to the economic turbulence we have faced in recent years, it was much more common to find ATMs abroad where people did not have to charge to access their money.”

“Those that did were typically charged a small fee of around 1.50 euros (£1.29) regardless of the amount.”

These also tended to be independent, standalone machines rather than local bank ATMs, she said. “Nowadays, holidaymakers struggle to find an ATM abroad that does not charge withdrawal fees. We have also seen an increase in costs and in some cases this can be as much as five euros (£4.30). – even if you only withdraw a very small amount of money.”

Tourists could be forced to pay a high fee for cash withdrawals, on top of any conversion fees at their bank. Alana added: “Brexit had a huge impact on the fees charged. The moment we left the EU we saw a significant shift in how banks charged fees and how much.”

“This has had an impact on ATM usage over the last seven years and we have seen a decline of more than 40 percent. This will obviously be related to the pandemic due to travel restrictions, but today it is because those who travel abroad a lot they are more conscious of counting their pennies to ensure they don’t waste money on unnecessary or avoidable costs abroad.”

She also said Britons should take a currency card with them on holiday to avoid having to use ATMs and high conversion fees. She added: “The pandemic caused a shift in the way shops and restaurants process payments, even in the most remote areas, making it much easier to use cards instead of cash.”