UK Families feeling the cost of currency charges

Published on 31 May 2012 by Raffick Marday

 

UK FAMILIES FEELING THE COST OF CURRENCY CHARGES

 

Activity Spend (€) FairFX Tesco Halifax Debit Natwest Debit Travelex Heathrow (cash)
Meals € 364.00 £297.72 £301.85 £312.35 £310.60 £325.00
Bar € 210.00 £171.76 £174.14 £184.64 £182.89 £187.50
2x ATM withdrawals € 400.00 £329.16 £343.70 £334.70 £334.20 £357.14
Day trips € 126.00 £103.06 £104.49 £107.49 £106.99 £112.50
Shopping € 40.00 £32.72 £33.17 £43.67 £41.92 £35.71
Lunches € 24.00 £19.63 £19.90 £22.90 £22.40 £21.43
Total € 1,164.00 £954.04 £977.25 £1,005.75 £999.00 £1,039.29
Saving with FairFX na na £23.21 £51.71 £44.96 £85.25
% Saving na na 2.43% 5.42% 4.71% 8.93%

 

Meals Based on purchasing 7 evening meals Point of sale at 13 Euros a head
Bar Based on paying 7 bar tabs from each evening at 30 Euros a night
Day Trips Based on 2 trips for a family of 4 to local attractions
Shopping 40 Euros of local shopping paid for POS
Lunches Paying for 2 lunches POS 3 Euros a head
How many families go away every year?
How much are the individual charges per card above?

Research from currency provider FairFX.com shows that many families are losing over £50 every time they go abroad due to getting bad exchange rates and incurring fees for using their debit & credit cards abroad.

With over 36 million Britons holidaying abroad each year, it is estimated that consumers are losing between 3-5% of their total holiday spending money on foreign exchange fees, usually hidden away in card terms and conditions or masked by misleading “0% Commission” deals at the airport.Research from currency provider FairFX.com shows that many families are losing over £50 every time they go abroad due to getting bad exchange rates and incurring fees for using their debit & credit cards abroad.

 

Key Findings;

 

–          With the average family of four spending around £1,000 whilst abroad over 7 days, families can be up to £85 better off with a prepaid currency card than getting your money changed at the airport.

 

–          If switching from credit/debit card to a prepaid currency card, the family could expect to still save around £50 on their holiday spending. Possibly more if they lock in rates before they travel.

 

–          It is also estimated over £1.3 billion is lost by UK holidaymakers in card fees &bad exchange rates every year when travelling abroad.

 

FairFX CEO Ian Strafford-Taylor says “Even with the improving Euro exchange rate benefiting families travelling to Europe over summer this year, it is still very important to check the actual exchange rate before buying your travel money to ensure you are getting the best deal.

 

Unfortunately with the banks levying charges on debit card usage abroad and the airport terminals still promoting ‘0% commission’ deals, it remains hard for consumers to understand exactly what rate they are getting. For the best currency deals and the greatest transparency consumers need to go online.”

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