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Holidaymakers issued £70 warning over common mistake when exchanging money
21.03.2024 - 21:07 / dailyrecord.co.uk
A simple travel money mistake is costing tourists an average of £76.05 each, according to Currensea, a travel debit card service.
Their research suggests that UK families will lose a staggering £320 million by exchanging most of their currency at airports rather than low-cost options. The means that the average loss for families is about £72.05 for each exchange made at the airport.
Alarmingly, four in ten parents with kids at school still choose this expensive option compared to just one in five people without children who do the same. This could be due to a combination of not knowing and time constraints with half of the parents with school-age children wrongly believe that getting cash at airports is cheaper.
With holiday preparations taking up most of the time, six in ten families leave currency exchange until the last minute a habit reported by four out of ten parents as opposed to 29 per cent of those without children, reports Bristol Live.
Emphasises the need for value in currency exchange, James Lynn, Co-founder of Currensea, said: “Securing value on your exchange rate should be as much of a priority as getting a great deal on flights and accommodation, yet families are wasting huge amounts by exchanging cash at airports rather than turning to low-cost options."
The travel expert warned British holiday-goers: “UK holidaymakers are paying £2.7bn in unnecessary foreign exchange fees every year – this is especially true for families heading off for a well-deserved holiday this Easter.
"They need to maximise their savings but relying on cash – especially from extortionate airport providers – is proving expensive for busy families. Holidaymakers should explore cost-effective card alternatives that avoid unnecessarily high
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