Travellers warned to check before signing

British travellers paying by card abroad are being stung for £5 million per annum in extra charges levied by retai

Travel Insurance News - 22/11/2005

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British travellers paying by card abroad are being stung for £5 million per annum in extra charges levied by retailers, says a leading insurer.

Nationwide is warning tourists of a new 'service' called Dynamic Currency Conversion (DCC).

This currency conversion device is widely used in Spain, Italy, Ireland, Germany, France and USA and is often operated outlets where travellers might use credit or debit cards.

DCC converts local currency into sterling, but charges a premium for the service. Many customers abroad do not realise they are incurring this additional charge and sign receipts without checking them first.

Stuart Bernau, Nationwide's executive director, gave this advice to worried travellers:

'We would advise people to check any slip or bill before signing, or entering their PIN. If a retailer overseas has converted the bill into pounds sterling with their own additional conversion fee attached, people should ask to be billed in the local currency.'

When travelling abroad, travel insurance is another way of protecting your money. If cash is lost or stolen, your travel insurance policy should be able to reimburse you.

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