Brits "save on holiday deals, lose on currency"

Fri, 03 Jun 2005

Most Britons fail to check the exchange rate or shop around for the best deal when they buy foreign currency before a holiday abroad.

And while they try their best to find the best value flights, package holiday deals and accommodation, 40 per cent of them sort out their spending money in the week they are due to fly out, according to NatWest travel money services.

This is costing British travellers large amounts of money that could be better spent on their holiday.

The 55 per cent of travellers that fail to shop around for the best deal on foreign currency miss out on providers' offers of travel money free from commission and handling charges.

Independent financial website Moneyfacts found that some providers charge up to two per cent commission with a minimum of £5 payable plus handling charges of over £5.

"With a little shopping around, it's very easy for holidaymakers to save money," said Rachel Thrussell, head of savings at Moneyfacts.

She said that with most providers a person doesn't have to be a customer, but it is still important that customers check on exchange rates, as these can vary.

In addition to holidaymakers failing to compare commission or fees, a further 53 per cent of British travellers never check the rate of exchange elsewhere before they buy currency for their holiday, NatWest said.

The bank further found that bank branches are the most popular choice for purchasing currency. The deciding factors are location, rates of exchange and quality of service.

Moneyfacts is an independent financial website where users can compare different foreign currency deals in order to get the best value.

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