WARY WELSH FARE BEST IN CURRENCY CONVERSION STAKES

WARY WELSH FARE BEST IN CURRENCY CONVERSION STAKES

• 4 in 10 Welsh residents will overspend on holiday in 2018
• Welsh the most cautious with cash – Londoners are the most frivolous
• A quarter have run out of currency abroad
• Half have spent up to £20 on a single drink
• 40% say the problem is worse since Brexit

Welsh residents are canniest with their currency, with just 4 in 10 admitting to overspending whilst on holiday abroad this year, because they’re confused by the exchange rate, compared to 9 in 10 nationally, according to a new poll.

The research by Travel Money Club reveals 7 in 10 Welsh travellers will stick to their travel budgets whilst abroad this year, and more than half are aware of current exchange rates.

62% think they know how to get the best deal when exchanging currency, and just 1 in 10 are unsure whether to pay in local currency or pound sterling when paying on card, the lowest of all UK residents.

However, not all Welsh holidaymakers are savvy travellers, 1 in 4 have run out of money whilst abroad, with 48% doing so by day 5, because they’ve no idea what they’re spending.

Half of Welsh holidaymakers have also overspent on dining and drinking out aboard without realising, resulting in some paying more than £20 for a single alcoholic drink, showing there is still confusion around foreign currency.

More than a third had spent more than anticipated on souvenirs, leaving them short of holiday money and friends and family with expensive keyrings, fridge magnets, slogan t-shirts and sombreros.

The poll shows some spend as much as £200 more than anticipated on gifts while abroad, with alcohol and local spirits, jewellery, handbags, and sunglasses most commonly hitting travellers’ purses.

It seems Brexit is responsible for much of the currency confusion, with 40% of Wales residents saying the problem has got a lot worse since Britain voted out, sending exchange rates spiralling. Althugh defiant travellers said they would continue to eat, drink and go on the same number of excursions despite it costing more to do so.

Don Clark, founder of Travel Money Club, said: “Foreign currency can be a minefield for holidaymakers if they don’t know what to look out for – it’s great to see Welsh travellers are the most knowledgeable when converting their cash. Familiarising yourself with the current conversion rates and reading the small print on charges and commissions will prevent unexpected surprises when buying foreign currency. Our study revealed that 33% of holidaymakers don’t know whether it’s better to pay in local currency or sterling when paying on card, which can lead to paying far more for food, drinks and souvenirs than expected.”

Millennials lead the way when it comes to currency confusion, with 1 in 4 ‘forgetting’ to budget, and a third admitting that they don’t ever think about how much they spend on their travels.

Don continued: “Despite our best efforts to relax and unwind while abroad we should have an idea of budgets to ensure we don’t fall short and run out of currency mid-holiday, like three-quarters of the population. Getting the best deal means that your money goes further and you can do more while abroad. At Travel Money Club, there are no hidden charges and we guarantee members the best deals when exchanging their money.”

Travel Money Club promises members the best exchange rates on foreign currency with a double the difference price guarantee. They also promise to refund the difference if they don’t save at least their yearly membership fee. For more information please visit www.travelmoneyclub.co.uk.