Confusion over currencies ‘could lead to short-changed holidaymakers’

Holidaymakers from the UK are being urged to wise-up when it comes to the currency of their travel destination as new research reveals many people feel they are being short-changed.

Holidaymakers from the UK are being urged to wise-up when it comes to the currency of their travel destination as new research reveals many people feel they are being short-changed.

American Express Global Foreign Exchange Services revealed Brits could be losing as much as £975 million per year – an average of £15 per traveller – due to a lack of familiarity with foreign currencies.

The study indicated that 12 per cent of men and one-quarter of women estimated the number of worldwide currencies at less than 50 – when in reality there are 176.

Confusion over exchange rates led to 46 per cent of people overspending while on holiday, the research also found.

“As British travellers look to broaden their destinations and avoid the eurozone, knowledge needs to increase to help holiday makers avoiding blowing the budget or being caught out by currency confusion,” explained Helen Grace, vice-president at the company.

Travellers looking to bag a bargain on a break this summer may wish to head to Dubai, described by Dubai.com as the “shopping capital of the Middle East”.

According to the website, the destination has many shopping centres to meet every need and thanks to duty-free shopping, there are many good deals to be found while on holiday in Dubai.