FairFX Press Releases > Currency report Related Posts
> 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
Stephen Heath, Chief Executive at FairFX.com, said: “Overnight investors have dumped the Pound and bought into the safe haven of the US Dollar, adding to the downward spiral which has seen the Pound lose over 20 per cent against the Dollar in the last three months.
“Yesterday, Mervyn King indicated the Pound could fall much faster and further than expected, as he admitted Britain is on the brink of recession and faces an extended and painful economic downturn.
“We are also seeing the Pound weaken against the Euro, with further falls expected.”
Wednesday 22 October 2008, 10:42am
Brits have faced a tough summer amidst the credit crisis, rising cost of living, and the poor weather. Now, to compound the misery for anyone planning a late summer break to the Med the Pound has fallen to a record low against the Euro.
Stephen Heath, Chief Executive of FairFX.com, said: "With the Pound at a record low against the Euro, Brits looking forward to a late summer holiday in the sun are faced with a costly dilemma when it comes to getting their holiday money. Given the current poor exchange rate to the Euro and the possibility of further falls, Brits could be best off buying their travel money now.
"The FairFX.com pre-paid currency card will enable Brits to protect, or hedge, themselves against further currency volatility as they can buy at today’s rates and simply keep the Euros until they want to start spending. FairFX.com offers holidaymakers an incredibly cost-effective and secure way to make the most of their cash."
Wednesday 03 September 2008, 09:46am
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