Uncompetitive currency exchange ‘may affect debt management’

By not exchanging currency wisely, holidaymakers could be making their pockets lighter than necessary while away, it has been suggested.

According to Moneyfacts.co.uk, those tourists who opt to change money with their local bank, supermarket or at the airport may receive an uncompetitive rate and face commission fees, which could impact upon debt management.

Lisa Taylor, press officer for the company, said: "With peak holiday season fast approaching, many of us will be spending time searching for the most competitive travel package, insurance, flights or car parking.

"But one area we seem to neglect is our travel money, often choosing the convenience of our own bank or airport rather than finding the best deal."

Ms Taylor added that by shopping around for the best exchange rate, consumers can save up to £20 which in turn may help them with meeting personal loan repayments upon their return home.

Earlier this year, a study by Nationwide indicated 15 million holidaymakers who travelled to Europe during Easter 2006 incurred £16 million worth of unnecessary charges on credit and debit cards, which could impact upon debt management and loan repayments costs when they return home.

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