Post Office ditches charge on foreign currency

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The Post Office has today (May 5th) announced that its 2.5 per cent cash advance fee for foreign currency purchases will be waived when customers use their Post Office credit card either online or in a branch.

Also, the company is offering zero per cent commission on all purchases made abroad with its credit card, as well as zero per cent interest on balance transfers for the first 12 months and all purchases for three months.

Removal of the transaction fee on foreign currency could save travellers a significant amount before their holiday begins, as other providers charge up to three per cent on their credit cards for the same service.

For example, buying €250 at an exchange rate of 1.0665 would lead to customers paying £240.86 to other providers, in comparison to £234.41 to the Post Office.

Az Alibhai, head of cards at the Post Office, said: "With many people still feeling the pinch this will give them a bit of extra cash in their pockets to enjoy on holiday. We are dedicated to providing customers with flexibility and value when it comes to managing their money."