People going on holidays to Thailand and other destinations this year have been warned that airports are not the most economical places to purchase currency.
People going on holidays to Thailand and other destinations this year have been warned that airports are not the most economical places to purchase currency.
Stephen Heath, chief executive of foreign exchange business FairFX.com said that while many people get their travel money before they leave home, a large proportion leave it until the last minute, which could end up costing them money.
“Twenty-five per cent of people get their travel currency at the airport, which our research shows is the worst place you can get your currency because their rates are so poor,” he commented.
Mr Heath called for greater transparency when it comes to exchanging money after FairFX.com research showed that consumers could pay up to 15 per cent commission when quoted zero per cent commission by some companies.
Some 58 per cent of Britons were found to base their currency purchases on misleading advertising and 44 per cent thought zero per cent commission meant that exchanging money was free.
