You are here: Home - Credit Cards & Loans -

Holidaymakers miss out on millions just by not shopping around

0
Written by:
17/07/2012
Brits will miss out on an extra €215m this summer as many choose to use high street foreign exchange services, according to Moneycorp.

As many as 10.7m people will head to the Eurozone this summer between July and August, each taking with them just over £550, according to the Office for National Statistics. 

The research from Moneycorp highlight that holidaymakers are likely to miss out on the best foreign exchange rates due to not shopping around for the best rates.

Olann Kerrison, currency expert at Moneycorp, said: “People will spend a serious amount of time thinking about and booking their holiday to get the best deal. Yet when it comes to exchanging their money, people potentially throw out all that hard work by not taking the time to shop around for the best rates.

Moneycorp surveyed 2,000 Britons heading to the Eurozone this summer and asked them how they planned to buy their Euros; online, through a high street retailer, at a high street bank or once they arrive at the airport – with only 7% plan to order their currency online and securing the best rates.

The majority, 57%, have said that they plan to use a high street retailer or high street bank. The research also shows that by choosing to use a high street bank or retailer, holidaymakers could lose up to 5% in exchange when compared to online rates.

“If travellers didn’t leave buying their currency until the last moment, then there is every chance that in relative value, people could save as much as £10 for every £100 exchanged.”

Moneycorp’s research also show that 11% plan to buy their currency at their destination, leaving them potentially exposed to unknown exchange rates and charges at point-of-sale and ATMs.

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2191908-spending
Spending power gets a boost from falling inflation

The nation's wallets got a much needed break last month as spending power saw a small boost off of the...

Close