Families could be paying much more than they need to
Families heading off on their holidays have been warned to avoid a common mistake at the airport. Travel finance experts at travel debit card provider Currensea have shared some tips for keeping your costs down when going away.
One thing to avoid that could prove to be very expensive is changing your cash at the Bureau de Change at the airport. James Lynn, co-founder of Currensea, said: “Never exchange money at the airport. Even though it is well-known that the Bureau de Change at airports charge very high exchange fees and poor rates, three in ten travellers still exchange most of their cash at the airport as it’s more convenient.”
The group surveyed those heading away and found that more than one in four people still get their holiday cash out at the airport. Mr Lynn warned many families are “throwing away” large chunks of their holiday budgets due to the poor rates you get at the airport, when cheaper alternatives are available.
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Another money-saving tip from the firm is to pay for your flights and accommodation in the local currency rather than in pounds. Mr Lynn said: “Our research shows that you can save £40 for a return flight to Fuerteventura by paying in Euros instead.
“Combined with currencies where the Pound is doing well like the Turkish Lira where your cash will stretch further than last year, then savings can really take off.” Holiday planners should also look out for deceptive language, as ‘fee-free’ travel cards may be more costly than you think.
The expert said that often these fees are built into a top-up charge or the exchange rate, so you’re not actually getting the savings you anticipate.
Mr Lynn also said to look out for overseas cash machine charges. This is usually cheaper than exchanging your cash at the airport, but there can still be hefty fees to pay for the service.
He warned: “Some foreign ATM providers can charge around £5 extra for every transaction on top of your withdrawal, this can quickly add up and eat into your holiday budget.”