Don’t throw your dosh down the drain!

By | Category: Travel news

The pound is at one of its strongest points for two years, allowing UK holidaymakers to gain up to 18 per cent more for their money in holiday destinations around the world. Yet many continue to throw £s down the drain simply by incurring high cash machine and credit card fees, according to online currency exchange providers, ChangeGroup.

Comparing exchange rate data of 75 currencies from this time last year (18 April 2011), the destination where the pound goes furthest is Hungary, where travellers can now gain 18.49 per cent more Forint to the pound.

But many of those looking to reap the benefits of this currency boost continue to counteract this bonus by using ATMs abroad or gaining their currency from amore expensive place than necessary. A staggering £130 million could be needlessly lost by Brits heading to the eurozone who exchange their money at higher rates than need be.

The latest data shows that one of the most expensive ways to exchange money is to do so while abroad through an ATM via a debit or credit card. By doing so for £150, the recipient would loss €8 through fees and inflated exchange rate per holiday – however, by planning ahead and buying currency online, a holiday maker would gain €178.2 – because of the better exchange rate this year, €13 more in a travellers pocket.

Sacha Zackariya, CEO at ChangeGroup, said: “Getting the best exchanging rate for your money is vital as part of making your money go as far as it can however it can be baffling for holidaymakers. It’s so easy to get it wrong, but just as simple to get it right. Plan ahead and buy your euros or other currency online – it’s by far the cheapest way with as much as €16 being gained by simply buying online, enough for dinner out.”

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