UK holidaymakers' overseas spending decreases year on year

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Post Office Travel Money advises UK holidaymakers to shop around for the best deals on travel money before taking a trip abroad.

New research from the Office of National Statistics has revealed that UK holidaymakers have spent ten per cent less while overseas over the past year. The research calculated that UK travellers' spending while on breaks abroad has declined to £31bn over the past 12 months.

As UK travellers may be watching their spending on holidays abroad, the Post Office is reminding them that they can make their foreign currency go further by avoiding foreign exchange commission charges or uncompetitive foreign currency exchange rates. For example, Post Office Travel Money advises UK holidaymakers to research the best deals on travel money before heading to the airport to find the best deals on their foreign currency.

The higher costs of foreign currency exchange at airports and poor foreign currency exchange rates in resort hotels or foreign currency kiosks overseas recently ranked as two of the top five holiday 'rip offs' in research from the Post Office. However, many people still wait until reaching the airport before changing their travel money, where less favourable rates of foreign exchange and commission fees are typically levied by bureaux de change.

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