International Transactions

Accessing your money abroad via an ATM is possible, assuming that the foreign ATM accepts your card. However, taking money out whilst abroad will ordinarily result in a transaction charge. Usually your withdrawal will be subject to both the Exchange Rate Transaction Fee (ERTF), usually 2.75% of the amount withdrawn, plus a further charge of 2.25% (up to a maximum of four pounds) is generally payable for any sterling transaction. The exchange rate will be calculated using the foreign bank's current exchange rates.

Using your debit card abroad will usually be subject to charges. In general, the ERTF is applied just as for ATM withdrawals and the 2.25% sterling transaction value is replaced by a flat rate fee of seventy-five pence per transaction. Nonetheless, due to increased competition (see Choosing a Current Account), some current accounts now offer their customers free withdrawals abroad.

International money transfers, that is, direct fund transfer from a UK current account to a current account abroad, are also subject to fees and charges. These charges vary between financial institutions and might take the form of a charge based on a percentage of the transfer value or of a flat rate fee. These fees are usually quite high, and so it is sensible to only transfer larger amounts internationally, and only when necessary.