UK holidaymakers lose more cash from airport money changers

A research from the Post Office Travel Services reveals that most of the UK travellers believe that they are saving cash by booking last minute holiday deals, but in reality, they are losing more money in the long run.

The Post Office study concludes that over two million holidaymakers purchase foreign currency at the airport or when they reach their destination abroad. Unplanned buying of foreign money could leave tourists with lesser cash to spend due to hidden transaction fees and poor foreign exchange rates.

It was also found out that Londoners appear to be the worst at preparing travel money before a holiday trip abroad. Ten per cent of the UK’s capital city residents purchase their foreign notes either on the day before their departure, on the travel day or at the airport.

According to the Post Office, exchanging pounds at the airport costs around 10 per cent more compared to buying online or on streets. For example, buying foreign notes valued at £286 in international airports can cost tourists an extra £20 due to lower money exchange rates.

Sarah Munro, Head of the Post Office Travel Services, advised travellers that many money converters now offer their services free from transaction fees, but the money exchange rate is still lower, so doing a little research before holidaymakers transact can save them extra cash.

Sarah further informed that the best foreign exchange rates can be found online. She recommended the money pick-up service provided by Travelex. Unlike airport currency changers, Travelex offers very competitive rates and allows travellers to pick up the cash at the airport. The company also offers free money delivery.