• Career 

Brits abroad confused by foreign currency

Brits abroad confused by foreign currency
More than 1 in 4 Britons don’t check exchange rates before they travel, a study by credit card company Capital One has revealed.

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.

Published by
19 Aug 2011
Special offers...
Our partners

Don't miss...
Ten men who you don’t want to marry The Hottest Hairstyles For Fine Hair
The Best Quotes of Dr. SeussBeauty & Brains: Female celebrities with degrees
Latest… 28/07/2014
Women in Focus News
Get Out Of A Funk! 23 Ways To Have A Happy Monday
Late Nights And Barely Breaking Even? 25 Things We Wish We Knew Before Our First Big Girl Job
This Video Will Make You Rethink How You See Homelessness For Good
The End Of FGM And Child Forced Marriage: What Every Woman Needs To Know About The Girl Summit
All Women in Focus news
Changing your name | How to change your name
Getting a mortgage | a quick guide to getting a mortgage
Scrapbooking: making a scrapbook album like a pro
Work for yourself - get your small business online
See all Women in Focus guides
Teaching kids about money
See all Women in Focus videos

Don't miss out!

...Join our newsletter
Get the sofeminine latest straight to your inbox
Find us on...

Copyright © 1999-2014 soFeminine.co.uk
This week: Food & Drink Special : recipes from A to Z, by country, by duration, by type - Surnames - E-cards
Axel Springer Group: Idealo.co.uk