Last Minute Foreign Currency Costs Holidaymakers £22 million
Published: 19 July 2011 By Julian Stone Leave a Comment
High foreign exchange rates at airports and train stations are costing holidaymakers £22 million every year – when they could be saving money by getting their currency in advance.
If you’re looking forward to that long-awaited holiday and you’ve been saving for months, make sure you keep more of your holiday cash – avoid buying foreign currency at the last minute.
That’s the advice to emerge from a new study conducted by the Post Office. The research found that 1.5 million Brits wait until the last minute to buy their foreign currency at airports or train stations – losing £22 million every year due to poor exchange rates and high commission charges at these venues.
Of the 1.5 million who buy their foreign currency at the last minute, 1 million travel within the eurozone. The average loss for these customers is £13.56 per transaction, but this can be higher if you’re travelling to North America or North Africa.
For example, the average loss for US dollar purchases is £17.88 per transaction. For Canadian dollars it’s £19.75 and for the Egyptian pound its £15.51.
According to the study, Birmingham airport offers the least competitive exchange rates , followed by Manchester, Newcastle and Liverpool airports.
Sarah Munro, the Post Office’s head of travel money, added, “Beware of headline rates offered by some foreign exchange providers – a great rate for the euro or US dollar does not always apply to other popular currencies.”
Moneyhighstreet comments: “We’re delighted the Post Office has highlighted this problem facing travellers and holidaymakers.
“To save money on your foreign currency, we recommend using a currency exchange broker – they can give you the best rates available on whichever currency you need and you can have it delivered to your door.
“Currency exchange brokers like CaxtonFX and FairFX both offer prepaid currency cards. They can be used like ordinary credit cards and offer a safe way to carry foreign currency while helping you avoid the hefty charges from overseas cashpoint withdrawals and purchases.”
