As the cold winter weather encourages UK holidaymakers to travel to long-haul destinations for warmer weather, research has found that less than half (48 per cent) of UK travellers fail to calculate their holiday spend accurately or taking enough foreign currency away with them. (1)
Londoners were found to be the least organised with foreign exchange: more than one in five (22 per cent) didn’t arrange their foreign currency before heading off to the airport. On the savvier side, residents from the North East were most likely to purchase foreign currency before travel, with almost two-thirds shopping in advance of travel for the best deals on foreign exchange
The Post Office warns that using UK holidaymakers using ATM machines abroad to get their travel money can be extremely when compared to buying foreign currency before travelling, as it has been reported that commission fees can cost up to &163;6 per transaction for credit or debit card cash withdrawals. (2)
Additional research has found that &163;7.8bn in foreign currency was withdrawn from cash machines by UK holidaymakers abroad in 2009, resulting in &163;326m in commission charges and cash advance fees (3) on travel money.
Sarah Munro, Head of Post Office Travel Services, said: “Make sure you buy commission-free foreign currency in advance and avoid withdrawing travel money abroad at ATMs as you will be charged and it can be difficult to keep tabs on your spending.
(1) Research from First Rate Exchange 2009
(2) Research from First Rate Exchange 2009
(3) Research from First Rate Exchange 2009
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