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Buying foreign currency last minute rather than buying a prepaid travel money card for example, can cost travellers as much as £86, according to a new study.

The research from the Post Office found that exchanging the average amount of £286 can add an extra £22 to the cost of foreign currency exchange if travellers choose to buy their currency last minute.

The research comes as over 4.8 million people prepare to go abroad this half term.

According to the new statistics, three million people leave buying their foreign currency as late as 24 hours before departure.

Meanwhile, almost two million buy their foreign currency once they have reached their destination.

Prepaid travel money card providers that can help holidaymakers to save money on currency exchange include FairFX, CaxtonFX and MyTravelCash.

Sarah Munro, head of Post Office travel services, commented: "Buying foreign currency at the last minute can leave you with less cash to spend while you're away due to hidden fees and poorer rates."

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