Wednesday, August 4, 2010

Brits wasting £28m on Currency Exchange Every Year

A recent study conducted by Post Office revealed that people in Britain are paying £28 million on currency exchange every year. The major reason for this is their buying of euros at UK airports.

Many people prefer to get their currency exchanged at the airports rather than going to other travel money providers. The currency exchange rates of such providers are cheaper when compared to the rates offered at airports around UK. This clearly shows that travelers are paying a high price. Pound has reached an all time high when compared to the past 20 months against Euro. Asper the survey on an average every person who exchanges sterling for euros at the UK airports is incurring a loss of £16.60 due to poor exchange rates. This amount when multiplied by the total number of travelers every year gives a number that is around £28 million.

The money that the travelers overspent on currency exchange at the airports is so high that they can easily meet other expenses of snacks and drinks of their entire travel with it.
This is happening because people trust the airport currency exchange service over the other better options available. Post Office compared its currency exchange rates with that of 5 airports in UK and found that all of them were giving fewer euros for pounds.

With Post Office currency exchange travelers can get much higher amounts than what they are getting from the UK airports. This will also help travelers in spending more money over other travel needs.

Exchange rates post office : Post Office Car Insurance offers online car insurance quotes, post office car insurance covers breakdown cover and motor legal protection cover etc.. 24x7 post office car helpline is always there at your service.



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