UK Travellers waste £20 million in foreign currency hidden costs

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Post Office highlights the hidden pitfalls in foreign currency exchange

It is advisable not to withdraw travel money abroad at ATMs as you will be charged and it can be difficult to keep tabs on your spending.

Post Office Travel Services research has discovered that UK holidaymakers waste over £20 million per year by purchasing travel money at airports, rather than planning ahead and sourcing the best foreign exchange rates for currency before departure.

As many UK holidaymakers will be flocking to the nearest Bureaux de Change to change their travel money, however, Post Office is warning that there are hidden pitfalls in choices of where foreign currency is changed in addition to dealing with high euro foreign exchange rates.

On average this wastage equates to an individual wastage of £11.17 per person. Instead, by pre-ordering foreign currency before heading to the airport, UK travellers are more likely to be able to take advantage of commission-free foreign currency exchange deals and offers to convert back travel money at identical exchange rates to date of purchase.

Additional foreign currency pitfalls also can be found once the plane has landed. The Post Office recommends that UK travellers be wary of accessing UK bank accounts from overseas.

Sarah Munro, head of Post Office Travel Services explains, "It is advisable not to withdraw travel money abroad at ATMs as you will be charged and it can be difficult to keep tabs on your spending."

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Melanie Seasons

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