Monzo issues urgent warning over common mistake Brits make when using bank card abroad
Monzo have issued a warning that urges their customers not to make this mistake when travelling abroad.
Things can get away from you when you go on holiday, whether it be time, money or your calorie intake - the list goes on.
But the process of going on holiday is easier than ever before, being able to book your flights, hotel and transport online - sometimes as a package.
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Even spending money abroad has been made easier with certain banks offering improved exchange rates.
Online banks such as Monzo were some of the first to offer this option, giving holiday goers an ease of mind by saving the trip to the money exchange, where rates are known to be increased.
The relaxation too involved in not carrying around cash also improves overall holiday experience, we really do live in the best time to travel.
However, there is a common mistake that Brits make when travelling abroad and using their card to pay.
Monzo have sent out a warning to customers that may fall victim to this easy error in a TikTok video.
The video starts with: "Why you should pay in local currency when spending money abroad."
The woman explains that there are usually two options when you pay with your Monzo card abroad.
Option number one is to pay in your home currency, which would be pounds for us.
Option number two is to pay in the local currency, which could be euros or dollars, or something else depending on where you are.
The first option is the exchange rate given to you by the payment holder, so the shop or cafe you are paying.
She explains: "While this may seem like the best and most simple option because you can see the exact amount that you're spending in the transaction in your home currency,
"This may not be the best deal on your money."
But she continues to say that if you use your Monzo card and pay in the local currency, they pass Mastercard's exchange rate to you with no added fees.
Crisis averted!
Option one could be a higher fee as the place you are paying may want to make a bit of extra cash, according to our Monzo expert.
"Always select to pay in the local currency, you're likely to get a better exchange rate and you'll save yourself some pennies." She concluded.
I have been a victim of paying in my home currency before, so this is something I think we can all take something from.
Let's save some pennies!
Joshua Nair