FAMILIES have been warned about making a big mistake when going on holiday that could be costing them as much as Â£200 per trip.
Research has revealed that almost a third of parents are still exchanging cash at airports, despite 59 per cent saying theyâre trying to cut costs so they can afford overseas holidays.
Foreign exchange rates at airports are typically higher than other places, meaning families risk losing out to expensive currency exchange.
Yet numbers put together by travel debit card companyÂ Currensea show that three in ten families with school-age children still believe itâs more convenient to get their travel cash at the airport.
Total holiday spending money for families averages at more than Â£2,000 for a weekâs holiday.
This could amount to over Â£200 lost when exchanging pounds into dollars or euros at the airport, compared to using cards abroad.
Figures from Stansted airport indicate that over 400,000 people are expected to fly from the airport during the October half-term â indicating that millions of pounds could be lost on high exchange fees.
James Lynn, Co-founder of Currensea, said that getting a good exchange rate was as important as getting a good deal on a hotel or flight.
He said: âAs millions of people are set to jet off for half-term, families are trying to balance holidays with rising costs at home.
“In total, UK holidaymakers are paying Â£2.7bn in unnecessary foreign exchange fees every year so getting value on your exchange rate should be as much of a priority as getting a great deal on flights and accommodation.
“Exchanging cash is not only a hassle, itâs also expensive – spending via card when abroad is not only much more convenient, it can also save hundreds of pounds if people choose the right card.”
Costs can be kept down by using cards to pay for things abroad.
However, there are still ways holidaymakers can pay more than they should while using their bank cards.
TikToker @jamesycottar revealed how to save even more money while on holiday.
In a video, he said: “The bank will offer you a conversion rate for that currency. Never accept it, because they are getting commission off of this. It’s always going to be a higher rate. Always hit decline.
“You will then get offered a second rate, which they won’t tell you what it is, but guaranteed it’s always going to be lower. Do this, and you will always save money.”
Meanwhile a mum revealed how families can save money on their next holiday.
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