Saturday, February 7, 2004

One in 10 Londoners Leave Foreign Currency To Last Minute

One in 10 Londoners Leave Foreign Currency To Last Minute

Post Office® Travel Services finds UK holidaymakers waste £20m each year by buying foreign currency at the airport

London, UK (PRWeb UK) November 8, 2009

Research from the Post Office has discovered 10 per cent of Londoners leave purchasing their foreign currency (http://www. postoffice. co. uk/portal/po/jump1?mediaId=19300210&catId=19300207) until the day before travel or even at the airport. Meanwhile, 13 per cent don't even consider purchasing foreign currency (http://www. postoffice. co. uk/portal/po/jump1?mediaId=19300210&catId=19300207) before travelling - instead opting to use their credit and debit cards abroad, or buying foreign currency at their destination.

The Post Office research also revealed that UK holidaymakers waste £20m every year by buying foreign currency at the airport, as travellers can be charged as much as £86 extra in commission fees and less favourable foreign exchange rates.

The Post Office advises that UK holidaymakers should plan ahead and buy their foreign currency in advance of travelling on holiday, as significant savings could be made from buying foreign currency at the airport or upon arrival. Using credit or debit cards abroad can incur significant costs and subject unwary travellers to poorer foreign exchange rates and high commission fees.

Sarah Munro, Head of Post Office Travel Services, said: "Make sure you buy commission-free foreign currency in advance and avoid purchasing it at airports. It is also 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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