Prepaid card 'could save holidaymakers money'
A prepaid card, which is like a credit card which is topped up with money in advance, could save consumers money on their holiday spending, according to FairFX.com.
The internet based foreign exchange business discovered that holidaymakers could waste over £120 of their holiday money for every £1,000 spent if they don't use the cheapest foreign currency provider.
According to the company's website, people are often misled by advertising for foreign exchange bureaus that says 0% commission or no commission.
The true cost of exchanging currency if affected by the exchange rate as well as the commission charge.
FairFX.com's study discovered that exchange rates can mean that consumers are charged as much as 15% on currency exchange at some regional airports.
Stephen Heath, chief executive of FairFX.com, said: "No one likes to be fooled into buying something only to find out too late that they paid over the odds. '0%' may well have become the standard advertising tag for currency providers, but savvy holidaymakers still have time to make the most of their holiday budget this summer."
A recent study from Abbey credit cards has shown that four in ten Brits consider their credit card to be an essential holiday item.
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