Money expert says avoid travel 'cardinal sin' that will cost you a lot
Rich says to 'keep a clear mind and understand'
You could end up with less money than you should have
People setting off on holiday should avoid buying travel money at the airport, a card payment expert has warned. The advice comes from Richard Carter, founder of Lopay, who believes many Brits part with too much cash at a bureau de change.
Rich said the 'currency cardinal sin' should always be avoided when travelling abroad - or when in tourist hotspots overseas. While most airports have a bureau de change, their rates rarely represent a smart deal.
The current exchange rate between GBP and the Euro is 1 to 1.1 - with the pound coming back from a yearly low last week. Some of the best online currency exchanges are currently offering 1.16, meaning £100 will result in an exchange of €115.77 - a decent deal for many holidaymakers.
However, an airport or travel hub kiosk will more likely offer something closer to 1.12, meaning that same £100 trade would return around €112 - a loss of three euros per hundred pounds.
The reason this should be avoided becomes all the more clear the more money that gets exchanged - considering how much cash a family might want when going away for a fortnight abroad.
If the family were to trade in £1,000 at the airport rate of 1.12 they'd be handed around €1,120. Online exchange rates, which are far superior and can be used while abroad as well as in the UK, would provide that 1.16 rating based on today's figures.
That same £1,000 would see the family net €1,157.68 - a difference of nearly £10 a head for a family-of-four, simply by avoiding those costly airport exchange rates. But, while foreign currency has its uses, Rich's best advice is to use a credit card for as many purchases as possible - from restaurants to shops and hotels.
Using a credit card allows users to choose to pay in the local currency, avoiding dynamic conversion rates, which give a poor rate if converted to pounds. Credit cards can also provide a layer of protection when abroad if you purchase unsatisfactory or faulty goods under section 75 of the Consumer Credit Act 1974 - meaning your credit card provider has a legal responsibility to reimburse you up to a maximum of £30,000.
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Rich said: 'People work hard throughout the year to enjoy their getaway over the summer and so it is imperative that they know where to land the best deals to get the bang for their buck.
'There are now so many good, reputable online currency converters who offer the best exchange rates by far. This is the opposite of airport bureau de change, which offers a very poor rate that some might be tempted by as they land abroad or turn up to the airport with no cash.
'I would advise people to keep a clear mind and understand that there are better deals to be had – always shop around and have a look online before you set off. Do your research, or you may be sorry.'
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