Britons overspending on travel money by €215 million euros

By | Category: Travel news

People travelling to the Eurozone this summer will potentially miss out on an extra €215 million as a result of purchasing their foreign currency in person rather than online, according to new research from foreign exchange specialist, Moneycorp.

Figures from the Office for National Statistics reveal that as many as 10.7 million people( may travel to the Eurozone between July and August this year, each taking with them an average of £561 worth of foreign currency(.

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.

Of those travellers polled, only seven per cent plan to order their currency online securing the best rates. Indeed, the majority of those travelling (37 per cent) have said that they plan to exchange their money with a high street retailer; while a further one in five people (20 per cent) said that they will be visiting a high street bank.

The research has also found that by choosing to exchange their money with a bank or high street retailer, travellers could be losing anything up to five per cent in the exchange when compared to buying online.

The survey also revealed that 11 per cent of respondents planned to buy their currency when they reached their European destination, leaving themselves open to unknown exchange rates and charges at point-of-sale and ATMs.


 

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