Hotel holiday money ‘poor value’
Tags: bureaux de change, Canary Islands, Corfu, exchange rates, Florida, foreign currency, Turkey
Holidaymakers who do not buy their foreign currency before they set off are being warned that they could lose a lot of money by using bureaux de change in hotels abroad.
Hotels in Spain can offer particularly bad value, with some offering as little as 0.82 euros to the pound compared to a typical tourist rate of around 1.20 euros, according to a survey by foreign exchange company Travelex.
Britons who are going on holiday to the Canary Islands, Corfu, Florida or Turkey might also be advised to buy their foreign currency before they board their airport transfers, as the poll highlighted poor exchange rates in hotels at those destinations too.
Buying holiday money on arrival at all-inclusive holiday resorts can be an especially risky business, the research showed, as such hotels can offer some of the worst foreign exchange rates of all.
Elvin Eldic of Travelex acknowledged that all-inclusive holidays appeal to people because they can represent “the carefree option” and can also make it easier for tourists to budget ahead for a holiday.
“However, not considering their travel money before leaving could prove costly and those withdrawing money to fund activities outside their all-inclusive deals are being badly stung by hotel exchange bureaux charging high commission or offering extremely poor exchange rates,” he added.