A quarter of UK holidaymakers go over budget overseas

A quarter of UK holidaymakers go over budget overseas

Post Office Travel Money advises how travellers can avoid overspending when abroad

New research has revealed that despite their best intentions almost a quarter of UK travellers spend more than they intend to on holiday[1]. In light of this research, the Post Office is reminding holidaymakers of the simple steps they can take to ensure their travel money stretches further when abroad.

For example, Post Office Travel Money research has revealed that over three million holidaymakers (seven per cent) leave buying their foreign currency until the last minute by either picking it up a day before they travel or at the airport.  Almost two million travellers buy foreign currency when they reach their destination[2]. However, by simply arranging their foreign currency in advance, holidaymakers may be able to save considerably more than if they were to purchase their travel money at the airport at the last minute[3],as airport bureaux de change typically charge higher commission fees and offer poorer rates of foreign exchange.

Furthermore, research has found that many people only take enough foreign currency to get them through the first days of their holiday, and then use credit or debit cards to withdraw cash from foreign ATMs[4]. However, holidaymakers should be wary of withdrawing travel money from overseas ATMs, as by doing so they may receive less travel money for their sterling as a result of hefty cash withdrawal or commission fees.

The Post Office is therefore reminding holidaymakers who may be looking to cut back on holiday spending to organise and plan their travel money spend in advance, in order to ensure they get the best value for their foreign currency and make it stretch as far as possible.
[1] Mintel, Holidays – Attitudes and the Impact of the Recession, January 2010
[2] Last minute holidaymakers count the cost of delay, October 2009
[3] Last minute holidaymakers count the cost of delay, October 2009
[4] Mintel Report – Travel Money – UK – January 2010

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