A travel money expert has revealed the ‘number one sin’ Lancashire holidaymakers need to avoid when embarking on a winter break.
With the region hit hard by snow and ice over recent days, many people will be looking to head abroad over the colder months to enjoy some much-needed sunshine.
But it inevitably means dealing in foreign currencies and can leave some holidaymakers scratching their heads trying to figure out how to get the best rates.
Now Mario Van Poppel, CEO of leading currency exchange firm Manor FX, is warning of one of the most common and easily avoidable mistakes many people make that costs them extra.
He said: “It’s not always easy to know how to get the most value for your money when dealing in foreign currencies.
“But the number one sin is not paying in the local currency when using a credit or debit card in shops or restaurants, as it usually ends up costing more.
“Opting for local currency avoids dynamic currency conversion fees and the exchange rate they use is often less favourable and may even include an additional fee.
“Also, when you pay in local currency, your credit card provider determines the exchange rate using the current market rate, which generally gives you better value for money.
“The sums involved might not seem like a lot at first, but they can really add up over the course of your trip so it’s helpful to know what to do.”
Many people choose to enjoy the convenience of paying for goods and services with their card when travelling abroad, rather than exchanging or withdrawing cash.
But it will bring up the option of paying in the local currency or the currency of the card, which for British travellers would be pound sterling.
Paying in pounds leaves you at the mercy of the retailer’s exchange rate, which is almost always less favourable than that of your card provider.
And there is another important reason why choosing to pay in the local currency can help keep your finances on track.
Mr Van Poppel added: “Many of us will draw up a budget when heading off on holidays and try our best not to break the bank.
“And paying in the local currency can be a big help as it provides transparency on your spending.
“It allows you to see the exact price in the local amount, making it easier to manage your budget without facing unexpected conversions or additional hidden fees.”
Manor FX is one of the leading foreign currency exchange experts with more than 30 years of experience.
