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Holidaymakers paying extra on exchange rates

26 January 2009 09:22

Holidaymakers paying extra on exchange rates

One in five adults leave it until they get to the airport or even to when they get to their holiday destination before they arrange their foreign currency, according to new research.

The research from Sainsbury's Travel Money, in conjunction with Travelex, found that 9.5 million travellers will leave it until they reach the airport or destination before changing their pounds for the required currency.

And by doing so holidaymakers are potentially wasting money, which could be used to add further spending money to the break, because the five per cent that change their money at airports are usually paying commission and are not getting the best exchange rates.

Steve Johnson, head of Travel Money at Sainsbury's Finance, said: "Given the amount of shopping around we all do to get the right holiday resort and accommodation, it seems crazy to fall at the final hurdle and pay over the odds for your foreign currency by not taking advantage of better exchange rates and commission free offers."

Older people that pay these prices have also been warned to take out travel insurance by the Association of British Travel Agents, as they are the most likely to suffer with pre-existing medical conditions.ADNFCR-1320-ID-18628002-ADNFCR