This one holiday mistake is set to cost families more than £300 million this year

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UK holidaymakers are losing hundreds of thousands of kilos by exchanging their journey cash at airports, with new analysis displaying families may lose €374 million (£319.5 million) this year.

More than a 3rd of oldsters swap their kilos for international foreign money simply earlier than flying, in accordance to a report by journey debit card Currensea, dropping a median of €89 (£76) due to “notoriously poor” trade charges.

Only 22 per cent of travellers with out youngsters use a bureau de change on the airport, with the findings elevating “concerns that time-poor families are set to lose out” due to overpriced foreign money exchanges, the finance and expertise firm stated.

Currensea’s co-founder stated getting your cash’s value must be a “priority” in the identical means a resort or flights are.

The analysis, undertaken in the beginning of March 2024, was primarily based on 2,000 UK adults “weighted to be nationally representative”.

It discovered that nearly a fifth of these requested nonetheless depend on money when on journeys, and that 51 per cent of oldsters of school-age youngsters consider that airports are the most cost effective place to get their cash modified.

It’s additionally one of the final issues to do earlier than heading on a getaway, say 58 per cent of these surveyed.

For those that do use money, any leftover international cash may face extra charges when transformed again into British kilos. Parents admit returning with a median of £77 in money in contrast to £56 for these travelling with out youngsters.

“Securing value on your exchange rate should be as much of a priority as getting a great deal on flights and accommodation, yet families are wasting huge amounts by exchanging cash at airports rather than turning to low-cost options,” stated James Lynn, co-founder of Currensea.

“UK holidaymakers are paying £2.7 billion in unnecessary foreign exchange fees every year – this is especially true for families heading off for a well-deserved holiday this Easter. They need to maximise their savings but relying on cash – especially from extortionate airport providers – is proving expensive for busy families.

“Holidaymakers should explore cost-effective card alternatives that avoid unnecessarily high foreign exchange fees and hidden costs.”

Other suggestions from Currensea embrace checking that 0 per cent fee companies are literally providing one of the best deal, keep away from abroad ATM prices (with some including charges of round £5 for every transaction) and opting to pay in native foreign money if card machines give the choice.