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British holidaymakers are losing millions of pounds a day due to payment charges and exchange rates.

47 per cent of travellers are being caught out by these expensive payment traps, with £26million per day being lost because of the charges.

This was revealed by a new study from InsureandGo, finding that dynamic currency conversions were causing the issue.

UK travellers abroad can be given the option to pay in pounds or the local currency, with the majority opting for the former.

Yet, the option can add up to 18 per cent in hidden fees to purchases.

Back in the summer, finance expert Martin Lewis warned of the problem, as he urged Brits to avoid ATMs due to their exorbitant conversion rates.

He recommended using a UK card for your spending abroad rather than taking their r

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