Major high street banks axe foreign card fees in a massive summer travel win for thousands of customers

LLOYDS and Bank of Scotland have scrapped foreign debit card fees for student customers, in a huge boost for summer travellers. Both banks confirmed the change will apply from July 30, meaning students will no longer be charged for spending abroad on their debit card. Currently, customers face a 2.99% non-sterling transaction fee plus a 50p flat charge every time they spend overseas. Cash withdrawals outside the EEA are hit even harder, with a 2.99% currency conversion fee on top of a £1.50 charge. Sign up for the Money newsletter Thank you! Even within the EEA, only euro withdrawals are free, with other currencies still costing customers £1.50 a pop. But all of these charges will be wiped out for Student Current Account holders under the new fee-free travel perk. It comes as part of a wider shake-up to the accounts, which will also offer new customers £100 cash and up to £120 in Deliveroo vouchers. Lloyds customers will also be entered into a prize draw for the chance to win a year’s worth of tuition fees. To bag the offers, students need to open a new account, or switch an existing one to a Student Account, between July 30 and October 30. Both banks say full details of how to apply will be released soon, along with the terms and conditions. Most read in Money To qualify, you must have a four-digit UCAS code confirming your place on a course, be aged 17 or over, and have lived at a UK address for the past three years. Students aged 18 and over can also apply for an interest-free arranged overdraft, worth up to £1,500 in years one to three, rising to £2,000 from year four onwards. Comment now