> Holiday makers could each lose out on over £120 this summer

> Regional airports rip off customers to the tune of 15%

Sun seekers heading abroad this summer could waste over £120* for every £1,000 of their holiday budget if they don’t buy their foreign currency from the cheapest provider.

As Britons look to stretch their holiday spending money that little bit further this year, FairFX.com are showing how using a prepaid currency card could give them an extra $209 or €143 for every £1,000 they spend.

Don’t be fooled

Unsurprisingly consumers are being misled by headline advertising for travel money such as “0% commission” or “no commission”, which often masks the true cost. Research shows that 44% of Britons think “0% commission” means the service is free, and almost six in 10 went on to base their travel money purchases on this misleading advertising.

The true cost to consumers is not only the advertised commission rate, but also how many Euros, Dollars or other currencies they receive for each pound exchanged, namely the exchange rate. In fact the true cost to consumers can range from 3% to 5% at High Street providers, 8% to 12% at London airports, and up to as much as 15% at some regional airports.

Stephen Heath, Chief Executive of FairFX.com, said: “No one likes to be fooled into buying something only to find out too late that they paid over the odds. ‘0%’ may well have become the standard advertising tag for currency providers, but savvy holidaymakers still have time to make the most of their holiday budget this summer.

“A prepaid card will give travellers not only the best rate available, but also added piece of mind. However, for those who want to take cash, make sure you shop around, by pre-ordering it online they could have an extra $209 or €143 with them when they jet off.”

Monday 29 June 2009, 05:30pm

Tags: birmingham airport, currency providers, currency rates, currency report, exchange rates, hidden charges, holiday charges

Anyone planning to spend dollars in the coming months is urged to get their cash immediately and lock in the fantastic rate of more than $1.5 for every £1* - only available from FairFX.com.

Stephen Heath, Chief Executive of FairFX.com, said: “Credit crunched holiday makers have had a tough time trying to stretch their finances of late, as the Pound’s continued decent against the Dollar and the Euro has made trips abroad even more expensive. However, there is some good news for anyone planning a trip to the states in the coming months – FairFX.com is offering the fantastic rate of $1.5 to £1.

“Savvy consumers looking to take advantage of this amazing rate should act quickly and buy their currency online now from FairFX.com – the only provider currently offering this rate. Even if they aren’t planning to use it for a while they should buy it now to take advantage of the rate and keep it until they want to start spending.

“Given the recent volatility in the currency market, anyone planning to spend US dollars in the coming months could save themselves a bundle by buying their currency online now while this great rate is available.”

Wednesday 06 May 2009, 10:16am

Tags: currency exchange, currency providers, currency rates, dollar, fairfx