With the summer season almost here, Brits are all set to enjoy the sun as they begin to make their travel plans.
While planning for holidays, there is a list of things that one needs to keep in mind, however, a travel expert has shared one mistake that could cost £319.5 million in total.
Tax expert Andy Wood from Crypto Tax Degens has warned Brits about one costly mistake that many make only taking out foreign currency at airports and cost-saving tips for a less expensive holiday.
He said: “UK holidaymakers waste millions of pounds annually by exchanging their travel money at airports, and families could lose €374 million (£319.5 million) just this year alone.
“More than a third of parents opt for airport currency exchanges, losing an average of €89 (£76) from poor exchange rates.
“This raises concerns that families may be more affected by overpriced currency exchanges, emphasising the need for greater awareness and cost-effective alternatives.”
The travel expert highlight that currency exchange should be approached with the same care as booking flights or accommodations.
He continued: “The common use of cash among travellers, along with potential fees when converting back to British pounds, stresses how important it is to financially plan strategically before a trip.
“Holidaymakers should aim to reduce unnecessary expenses by choosing cost-effective payment methods and avoiding high currency conversion fees.”
Mr Wood has suggested using travel debit cards instead of exchanging currencies at the airport.
He added: “With UK holidaymakers potentially losing £319.5 million just this year alone by exchanging their travel money at airports, exploring low-cost alternatives like travel debit cards can offer significant savings and reduce the risk of overpriced exchanges.
“Holidaymakers are encouraged to explore alternatives to traditional currency exchange services.
“Using cards that offer competitive exchange rates and transparent fee structures can help travellers save money and avoid unnecessary charges from ATM withdrawals or currency conversion.
“Ultimately, getting good value on currency exchange rates should be a top priority for travellers, alongside other travel-related expenses.
“By planning ahead and exploring low-cost alternatives, holidaymakers can make the most of their travel budget and avoid unnecessary spending.”