Research from the Post Office highlights importance of arranging travel money before setting off for half-term holidays abroad

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Buying foreign currency at the last minute could cost travellers £86 in transaction fees

Research carried out by Post Office Travel Services has revealed that buying foreign currency at the last minute could cost half-term holidaymakers up to 10 per cent more than buying it in advance.

With the February half-term approaching, large numbers of people may be heading abroad, and considering where and when to purchase their foreign currency. The Post Office research shows that buying travel money at the airport could cost an average of £86 more than if it is bought in advance. This is due to poorer foreign currency exchange rates and higher commission fees typically levied by airport bureaux de change.

According to the research, seven per cent of people arrange their foreign currency 24 hours before departure or on the day of travel, with another four per cent buying their travel money when they arrive at their destination. In light of these findings, the Post Office advises travellers to organise their travel money well in advance to ensure they get the best deal.

Londoners are the worst offenders when it comes to leaving their foreign currency until the last minute, with 10 per cent purchasing their travel money on the day before they travel, on the day or at the airport.

Sarah Munro, Head of Post Office Travel Money, said: "With the half-term holiday looming it's a great time for a relaxing break, but buying foreign currency at the last minute can leave you with less cash to spend while you're away due to hidden fees and poorer rates."

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