UK families are set to lose nearly £320m by exchanging most of their money at airports, new research reveals.
Research from travel debit card, Currensea, found that 36 percent of families going on holiday exchange most of their money at the airport despite notoriously poor exchange rates.
Some 58 percent of families revealed that exchanging cash is one of the last things they do before going on holiday and so-called “time-poor” families travelling from the UK to Europe risk losing an average of €89 (£76.43) by exchanging cash at airports.
These losses add up as the latest figures from the Office of National Statistics show that 24 percent of families with school children are planning a holiday during the upcoming Easter break.
Almost a fifth (17 percent) of the 2,000 UK adults surveyed revealed that they are still using cash for all of their holiday spending money despite the poor exchange rates which can eat into the £697 average spend for family holidays including children.
James Lynn, co-founder of Currensea, adds: “Securing value on your exchange rate should be as much of a priority as getting a great deal on flights and accommodation, yet families are wasting huge amounts by exchanging cash at airports rather than turning to low-cost options.
“UK holidaymakers are paying £2.7bn in unnecessary foreign exchange fees every year – this is especially true for families heading off for a well-deserved holiday this Easter.
“They need to maximise their savings but relying on cash – especially from extortionate airport providers – is proving expensive for busy families.
“Holidaymakers should explore cost-effective card alternatives that avoid unnecessarily high foreign exchange fees and hidden costs.”
