Brits abroad confused by foreign currency
The research, commissioned to raise awareness of Capital One’s ‘Credit Made Clearer’, also reveals that more than half of Brits (57%) have chosen a payment method on holiday based on ‘convenience’ this year, with only 1 in 10 choosing a payment method because they think it is the cheapest way to spend.
Russia caused most confusion with its currency; the average British traveller estimated that £100 is worth just over 1,000 RUB, when in fact you’d need to withdraw over 4,500 RUB to get one hundred pounds’ worth.
We’ve also got it drastically wrong in our favourite holiday destinations. Based on an average weekly holiday spend of £1,091, we’ve misjudged by £118 per week in Europe, £95 a week in America and over £500 in South Africa – all down to our lack of currency awareness.
Brian Cole, Managing Director of Capital One, says: “Would you pay for your weekly shop and not check the bill? The same applies here. It’s never advisable to withdraw hundreds of pounds for a holiday without checking that you are getting the best exchange rate.
“In an age where information on foreign currency is readily available, it is surprising to see the amount of money that we are still wasting on holiday just because we haven’t taken the time to check the exchange rate or the best payment method.”
Capital One have launched a series of ‘Credit Made Clearer’ videos to help consumers make sense of their spending, credit as well as tips on spending money abroad
, exchange rates and holiday booking.