The survey of 1,000 holidaymakers found one in 10 Brits still wait to the very last minute to exchange the money to foreign currency, changing at the airport just before jetting off, leaving themselves open to poor exchange rates and inflated fees.
A survey conducted by leading beach holiday specialist On the Beach has revealed many holidaymakers are still exchanging their Pounds to foreign currency at the airport, despite warnings of the poor rates on offer.
The survey of 1,000 holidaymakers found one in 10 Brits still wait to the very last minute to exchange the money to foreign currency, changing at the airport just before jetting off, leaving themselves open to poor exchange rates and inflated fees.
A recent report suggests people who exchange at British airports are being hit with rates up to 26% higher than the market rate*.
Whilst using your debit or credit card abroad can incur interest charges of up to 59.99%**, more than one in 10 (11%) say they use their debit or credit cards to pay for everyday items such as food and drink in resort.
The survey also revealed the majority of British holidaymakers (62%) exchange their money on the high street whilst 16% use online money exchange services.
One in 10 holidaymakers take Sterling abroad with them and change in resort.
Alistair Daly, Chief Marketing Officer at On the Beach comments: “Our survey shows that whilst changing your money at the airport can lead to higher fees and poor exchange rates, many people still use this option.”
“Our advice would be to shop around in order to get the very best deal and if you do use your cards in-resort, make sure you understand the fees and rates in advance so you know exactly what each transaction is costing you.”
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
