A quarter of all consumers don’t search for the best exchange rates before travelling abroad.
Research has revealed that one in four consumers don’t look for the best currency deals before going on holiday.
The key consideration for many is the convenience factor, rather than the savings they could make. The result is that more than half of all British holidaymakers are paying over the odds for foreign currency.
Shop around for currency is essential
Research from Capital One suggests that people could make significant savings if they shop around.
Brian Cole, managing director of Capital One, said: ‘Would you pay for your weekly shop and not check the bill? The same applies here. It’s never advisable to withdraw hundreds of pounds for a holiday without checking that you are getting the best exchange rate.
‘In an age where information on foreign currency is readily available, it is surprising to see the amount of money that we are still wasting on holiday just because we haven’t taken the time to check the exchange rate or the best payment method.’
Which? currency view
Which? has researched the foreign currency market and also believes that it is always best to shop around for the best deals. Leaving currency exchanges until you reach the airport is not ideal due to the less than favourable rates on offer.
Likewise, it it always best to pay for currency in cash rather than on a card, as cards add on fees.
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