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Expats 'get into financial trouble while abroad'

Tue 25th May 2010

Young expatriates are finding themselves in financial difficulties abroad because of misleading information from banking services, according to EZ Pay.

Research from the payment company found half of 25-34-year-olds have been stuck abroad without any money, due to banking issues, theft or loss of their money or cards and mis-budgeting for their stay.

Some 15 per cent of people have been in a situation where they have been unable to get money out of an overseas ATM.

EZ Pay managing director Paul Smith said that expatriates and holidaymakers believe "all of the services offered by high street banks and credit card companies are free of charge".

"They're just not" he cautioned.

Mr Smith advised those travelling abroad this summer, either to live or visit, to prepare a budget so the amount of disposable income can be put on to a money card, which will not charge for access to money.

Recent research by Property Frontiers found that France and Spain remain the most popular destinations for would-be expatriates looking for overseas homes.

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