Travelling Brits losing £££s on foreign currency spreads

UK RESIDENTS lose more than £1.24 billion every year to currency spreads when travelling abroad, according to research by Centtrip.

Centtrip’s analysis reveals that travellers are hit by an average 3.5% spread on foreign currencies including the euro and the US and Australian dollars. On the average spend for a trip – £591 – this translates as a hit of £20.70 when converting sterling into the local currency.

Centtrip’s analysis of the destinations that benefit most from UK travel reveals that UK residents spend more than £16.3 billion each year travelling to their top five destinations, with more than £6 billion being spent in Spain alone. This equates to more than £190 million in lost sterling due to differences between the market exchange rate and the sell rate of a typical travel money company. This is followed by the US, where UK residents lose more than £109.1 million to currency spreads each year, and France, with £109 million.

Brian Jamieson, co-founder and managing director of Centtrip, said: ‘The recent fall in the euro has hugely aided UK travellers when going abroad, especially when considering that 12 of the 20 most-visited countries for Britons are within the eurozone. However, our research reveals the huge losses made by travellers to currency spreads, which can amount to a significant sum over the course of the year.

‘People travelling further afield – where the average spend on a trip is typically higher – or those who make frequent trips abroad are hit even harder by currency spreads. It is therefore imperative that regular travellers, whether for business or pleasure, ensure they protect themselves from currency spreads by paying close attention to currency fluctuations and choose a currency provider who ensures they get the best rates available.’

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