Tourists are warned not to make money mistakes on the trip that will increase their costs.
Tax expert Andy Wood of Crypto Tax Degens says people should avoid exchanging money at airports and explore low-cost alternatives when going on holiday. He added: “UK tourists waste millions of pounds annually exchanging travel money at airports, and families could lose €374m (£319.5m) this year alone.
“More than a third of parents opt for currency exchanges at airports, losing an average of €89 (£76) due to poor exchange rates. This is raising concerns that families could be hit harder by the changes of overvalued currency, which emphasizes the need for greater awareness and cost-effective alternatives.
“Exchanging currency should be approached with the same care as booking flights or accommodation. Families in particular should be wary of currency exchanges at airports, where bad exchange rates can lead to substantial losses.
“The common use of cash among travelers, along with potential charges when converting back to pounds sterling, underlines how important it is to plan financially strategically before a trip. Tourists should try to reduce unnecessary expenses by choosing cost-effective payment methods and avoiding high costs. Currency conversion fees.”
Use debit cards for travel
Wood says exploring low-cost alternatives, such as travel debit cards, can offer significant savings and reduce the risk of overpriced exchanges. He added: “Tourists are encouraged to explore alternatives to traditional currency exchange services. Using cards that offer competitive exchange rates and transparent fee structures can help travelers save money and avoid unnecessary withdrawal fees.” at ATMs or currency conversion.
“Ultimately, getting value for money on currency exchange rates should be a top priority for travelers, along with other travel-related expenses. By planning ahead and exploring low-cost alternatives, tourists can make the most of their travel budget and avoid unnecessary expenses.
