Press Room

Brits Paying More For Their Holidays By Losing Out On Currency
(01 June 2005)

Many British holidaymakers could easily reduce the overall cost of their holiday simply by changing the way they purchase foreign currency, according to a survey by NatWest Travel Money Services. Whilst many of us are prepared to pour over the internet for hours in order to find the cheapest air fare and hotel room, 53% of us do not bother checking the rate of exchange elsewhere before buying our holiday money.

The research also found that when it comes to preparing for a trip, arranging spending money often comes fairly low on the list of priorities. Just under 40% of us leave it to less than a week before our holidays to purchase foreign currency, allowing little time to seek out the best place to convert our money. Of those surveyed, 1 in 10 are quite happy to exchange the bulk of their holiday money once they reach their destination despite feeling that foreign Bureaux de Change and foreign banks do not provide a good service.

What should be a simple transaction doesn't always feel that way. A quarter of those surveyed found the whole experience of converting their money confusing and could not tell if they received a good rate of exchange. The survey found bank branches to be the most popular choice for purchasing currency, with location, rates of exchange and quality of service all deciding factors. For a fifth of respondents, peace of mind was high on the agenda when choosing where to purchase holiday money and again bank branches came out top. In contrast, only one in ten felt confident in the service they received when exchanging currency at the Airport or abroad at a Bureau de Change.

Although somewhat nonchalant when it comes to buying our holiday money, when it comes to actually spending foreign currency, many surveyed clearly watch every cent with over 70% claiming that they never spend above their budget. Men were found to be the weaker sex when it came to over-spending abroad, with women the smarter shoppers as the research found them 10% more likely than men to work out the sterling equivalent of each purchase before handing their money across.

Robin Cockburn, Head of NatWest Travel Money Services, commented: "The research shows if you exchange your currency before travelling you are 30% more likely to be happier with the service you receive. Last year NatWest helped nearly 1 million customers with their holiday money so it's no surprise to find branches are the most popular choice for purchasing currency."

Notes to Editors:

  • This research was carried out by TNS in May 2005.
  • A representative sample of 1,016 British adults were interviewed.
  • To order foreign currency or travellers cheques at NatWest, you don't need to hold an account. NatWest Advantage Gold and Premier, student and graduate customers can obtain their currency commission-free.
  • Currency can be ordered at any one of our 1,631 branches, where orders are placed before 2pm on a weekday they can be collected from the branch after 1pm the following day.
  • Larger branches with a Bureau de Change can immediately supply American Express travellers cheques in sterling, US dollar and Euro along with most major currency notes.
  • Those ordering NatWest American Express travellers cheques also have the added peace of mind of a free 24-hour, 365 day a year refund service should they lose or have their cheques stolen.