However, in the rush to prepare for their trips, some travellers may be making a costly mistake without even realising it.
A financial expert has issued an important warning that could save travellers a significant amount of money, with some holidaymakers potentially losing up to £100 if they’re not careful.
The currency exchange company eurochange has highlighted a common error made by many holidaymakers before heading abroad, which could lead to unnecessary financial losses.
Prior to their trips, most travellers tend to withdraw some of the local currency for various purposes, such as buying souvenirs, dining out, or covering other incidental expenses.
However, Laura Evans-Fisk, the Head of Digital Engagement at eurochange, cautioned that exchanging money at airports can prove to be a costly mistake.
She highlighted: “It’s shocking to see the huge difference in rates across UK airports, and the huge amount of money Brits could be losing out on if they wait until they get to the airport before exchanging their cash.”
She went on to explain that airport exchange rates are often far less favorable than those available elsewhere, with the difference sometimes reaching up to 13 percent higher than those offered on the high street or online.
The primary reason for this discrepancy is that airports generally face less competition among exchange services, leading to inflated rates compared to areas with more options for consumers.
eurochange revealed that tourists who exchange €500 (£425) on the high street through a money exchanger can end up with as much as £101.83 more than those who wait to change their money at the airport.
The company also identified London Stansted as having the worst exchange rates among UK airports, while Birmingham International was noted for offering rates closest to those typically found on the high street.
Laura recommended that travellers aiming to secure the best possible exchange rate should consider purchasing foreign currency on the high street between Monday and Thursday.
She explained: “I would always recommend buying your euros before you get to the airport as the exchange rates tend to be far lower if you buy them in branch or online in advance.”
She further advised that these mid-week days are generally the best for currency exchange, as they tend to be less busy, meaning there is usually less fluctuation in the mid-market rate during this period.
Laura also suggested that tourists might want to consider using a prepaid travel money card, especially if they plan to visit multiple countries during their trip.