The Post Office® offers foreign exchange advice to help people reduce holiday overspending
London, UK (PRWeb UK) November 7, 2009 -- New research has shown that a large number of holidaymakers do not calculate how much foreign currency they will need on vacation before they actually set off on their travels, which could mean that many holidaymakers are exchanging their foreign currency at their destination and risking increased costs and commission charges.
The study suggests that holiday overspending on travel money could leave many people short of cash long after their holiday is over. Therefore, the Post Office is advising holidaymakers to prepare their travel money in advance, as this may lower the risk of overspend due to unplanned cash withdrawals whilst abroad.
Last year, UK travellers spent approximately £326 million on overseas foreign currency withdrawals. With overseas ATM withdrawals costing around £6 per transaction, not picking up foreign currency before the trip could hit holidaymakers hard in the pocket.
According to Post Office Travel Services research, the worst offenders for not planning ahead and arranging travel money before venturing abroad are Londoners. The Post Office reports show that 10 per cent of Londoners buy their foreign currency the day before they travel or on the day at the airport, which could result in them receiving less holiday cash from their foreign currency exchange through higher commission charges on these transactions.
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