Holidays in Spain: Brits warned of ‘hidden costs’ of renting a house in Spain this summer | Travel News | Travel

Some of the unexpected costs Brits may encounter when renting a holiday home in Spain are currency exchange fees and tourist tax.

Exchange and transaction fees

Holidaymakers should consider how they will pay for their purchases in Spain, including accommodation.

Brits are advised to always pay in pounds and never select the local currency, if they have the option, as exchange rates “can certainly add up”.

Experts from independent financial broker Norton Finance recommended: “If you plan to take euros with you, think about the exchange rate you will get. Otherwise, you might find that once your UK budget has been exchanged for Euros, you are left with less than expected.

“Similarly, if you use your debit or credit card in Spain to withdraw money or pay for goods, you may incur a transaction fee to do so.

“One way to solve this problem is to find out if a foreign card or a prepaid currency card might work for you,” they advised.

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Tourist taxes

Britons holidaying in popular places such as the Balearic Islands – Mallorca, Menorca and Ibiza – or the Catalonia region must pay tourist taxes for most accommodation, including Airbnb.

Renting a house or apartment through an agency or private landlord may include other taxes or fees.

The financial experts explained: “These are charged per person for each night you are there.

“While the cost per night varies depending on when you visit and how long you stay, this is another cost that may surprise you if you haven’t budgeted.

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The expert explained that another ‘hidden cost’ for Britons to consider is ‘administrative costs and rental rates’.

Mike said: “Each country will have different administrative fees and rental rates – and these can even fluctuate between cities.

“Overall, there are different aspects to consider before buying or renting abroad.

“So it’s essential to do your research to decide what fits your long-term personal and financial plans.”

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