A Post Office report has shown that over 44% of UK holidaymakers are losing out on £288 million a year because they experience difficulties in currency conversion.
Following are some pretty straightforward guidelines to make it easier then trying to “think in a foreign currency”:
- Make a note of the exchange rate you got when you purchased your currency and keep a note in your purse or wallet of how this equates to £1, £5, and £10 and so on and use as a rough guide.
- A good way to do a quick mental calculation is with the current rate at around €1.13=GBP1 take away one tenth of the Euro price to get an idea of the price in sterling.
- Make the most of the calculator that comes with most mobile phones
- Don’t be tempted to pay for goods in sterling on your credit card or in cash as shops and restaurants can charge their own high exchange rate and also add fees of up to 4%.
- Pre-paid travel cards like the Post Office Travel Money Card enable you to load your card with currency when the exchange rate is good and you can use it like a bank card until the money runs out.
- Don’t get your currency at the airport or purchase it in Spain and you are unlikely to get a good exchange rate.