When traveling abroad, money is a source of stress for seven out of ten French people

Who has never feared paying exorbitant fees when withdrawing money abroad? Or were you afraid of being scammed in a country where the euro is not the currency in circulation? Money is a real concern for the French when they travel abroad. For seven out of ten (70%), it is even a source of stress, according to an OpinionWay survey for Wise*, an international payment company, published this week. Money thus comes in third place among French people's concerns when they go abroad, behind security (80%) and health (73%), but ahead of food (64%) and housing (63%).

“This report of distrust towards money is accentuated by the unpleasant financial surprises that the French face when traveling abroad, particularly due to additional costs which can strain their budget,” notes Wise . In particular exchange fees or commissions during transactions in foreign currency, cited by 44% of respondents, and unanticipated fees when withdrawing money from an ATM (41%). Costs not included in restaurant prices (service, bread at the table, etc.) are cited by 41% of respondents, and tourist taxes not mentioned, such as tourist tax, by 40%.

And they are right to be careful: if in a country with the euro, payments and withdrawals are generally subject to the same pricing conditions as in France, it is not the same thing outside the euro zone. For payments, you must take into account the exchange transaction towards the country's currency, to which is systematically added a commission levied by the bank. A study by the comparator Panorabanques published last year estimated that with a traditional bank card, bank charges on payments abroad amounted to 0.30 euros for fixed commissions and 2.5% for variable commissions, and 3.10 euros of fixed commissions and 2.4% of variable commissions regarding withdrawals.

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Another subject of anxiety for the French is having to juggle different currencies while traveling, which worries one in two people surveyed (50%), according to the Wise study. Many also have “the impression that we are always trying to scam tourists” when traveling (73%). And they are harsh with the banks, accused of making “money on the backs of tourists when they withdraw money from ATMs abroad” (84%), not understanding “what “Banks still add fees when tourists withdraw money from ATMs abroad” (82%).

“Before leaving on a trip, it is a good idea to check with your bank the number of free withdrawals to which you are entitled abroad and the amount which you will be billed subsequently, advises Julie Arnoux, sales manager for France at Wise, quoted in a press release. Once there, it is generally better to withdraw a large amount at once rather than making several small withdrawals.” And be careful, because depending on the destination, the average fees applied to distributors can vary greatly. If in Germany, Spain, Portugal or Japan they amount to less than 1% of the amount withdrawn, they can reach more than 4% in Turkey and Peru.

*Study conducted by OpinionWay for Wise, on a sample of 1,015 people, representative of the French population aged 18 and over, constituted using the quota method, interviewed by self-administered online questionnaire, from March 27 to 28, 2024.