The average Brit travels abroad twice a year, but when they do, 27% spend no time looking for the best exchange rate
Today, research from EasyFX, provider of the world’s first real time multi-currency card, reveals that over a quarter of Brits are losing out on up to £100 in foreign exchange costs when going abroad as a result of not searching for the best deal.
But for those Brits that do spend time searching for a better deal on currency exchange, almost two thirds (64%) save up to £100. That could be the cost of a meal out one evening or a family ticket to a waterpark.
Hunting for better costs when going on holiday, however, isn’t a foreign concept.
- Over a third of Brits (40%) spend up to three hours searching for the best accommodation deal and 43% spend the same amount of time looking for a better deal on flights.
- As a result, half of those who prioritised accommodation experienced savings of up to £100, and more than half (54%) see savings of the same amount on flights.
If Brits were to spend the same amount of time shopping around for the best foreign exchange deal as they do looking for flight and accommodation savings, they could see far greater holiday savings. With Brits having just come out in force to book their 2018 getaways, it’s now time to get thinking about currency exchange for these impending holidays.
Instead of sticking to the traditional methods of currency exchange, like visiting a bureau de change before going abroad, for which 45% do, or using a credit or debit card on holiday, for which 24% do, holidaymakers need to look to other exchange methods that could save them big bucks.
Nick England, CEO of EasyFX comments: “The rise of flight and accommodation comparison sites means that holidaymakers are all too familiar with the ways in which they can make savings when travelling abroad. However, Brits need to understand that while they may be saving on some aspects, they could be losing out on others – like foreign exchange. Withdrawing cash abroad often has fees of up to £1.50 per transaction and carrying large sums of money exchanged prior to a holiday can be risky. By looking to alternative ways of exchanging money, holidaymakers can rest assured that they are using the smartest, most efficient and hassle-free method, making their money go even further.”