New cash machines with a minimum withdrawal amount of £100 have been installed in parts of London to target well off tourists.
The higher-than-normal withdrawal sum has been put in place to encourage wealthy tourists to take out more cash that, inevitably, will be put back into the capital’s economy.
The first of the flash cash machines has been installed on Broadwick Street in Soho. Savvy Soho shoppers using the new ATM machine on Broadwick Street will now be presented with the option to withdraw £100, £200, £300, £400 or £500.
For those less flash with their cash, multiples of £20 will be available by selecting the ‘other’ button.
In June 2016, Britain voted to leave the European Union and the pound subsequently plummeted in value. That’s not great news for Brits travelling abroad, but makes the UK a cheaper destination for foreign visitors. People visiting the UK from overseas have taken advantage of the slump and the country’s high-end retail stores have since experienced an uplift in sales.
According to Worldpay statistics, spending in the UK on international bank cards was up by more than one fifth – 22% – year-on-year as of December 2016.
Withdrawing cash with your card
When withdrawing money from an ATM machine – regardless of the amount, you should always avoid using your credit card.
Cash withdrawals on a credit card will usually mean that you pay interest from the date of the withdrawal, regardless of whether you clear your balance. You may also incur a charge from your credit card provider.
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