Sainsbury's Finance warning about foreign exchange

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Sainsbury's Finance warning about foreign exchange

Holidaymakers have been warned leaving foreign currency arrangements to the last minute could mean losses of up to ten per cent.

A survey by Sainsbury's Travel Money found five per cent of vacationing Britons leave foreign exchange to the airport, where they risk big commission charges and poor exchange rates.

The latter also applies to the 12 per cent who withdraw cash abroad instead, where bank charges also reduce value for money.

London was highlighted as the worst region for foreign exchange practice, with only 70 per cent obtaining holiday money in advance.

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."

Foreign exchange headaches for British holidaymakers have been compounded this year as the value of the pound fell 14 per cent against the euro last month.
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