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Holidaymakers miss out on millions just by not shopping around

Tahmina Mannan
Written By:
Tahmina Mannan

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.