According to recent research, less than half of UK holidaymakers accurately calculate how much travel money they will need for their overseas holidays, resulting in many paying high fees to access foreign currency while overseas.
In fact 48 per cent of travellers who fail to take enough travel money away, resulting in many paying far more for their travel money through costly cash withdrawals.
UK holidaymakers waste an estimated &163;326m in commission and cash advance fees on overseas debit and credit card cash withdrawals to withdraw foreign currency.
Almost a third (32 per cent) of holidaymakers admitted that failing to accurately calculate travel money had resulted in holiday overspend.
One potential contributor to this overspend is the ATM usage and commission fees charged when withdrawing cash at overseas ATMs.
Foreign currency cash withdrawals at ATMs cost around &163;6 for credit cards and &163;5 for debit cards when withdrawing the average transaction of &163;108 . The Post Office reminds travellers that these fees can be easily avoided through smarter foreign currency planning prior to travelling.
Sarah Munro, Head of Post Office Travel Services, said: "Make sure you buy commission-free foreign currency in advance and avoid withdrawing travel money abroad at ATMs as you may be charged and it can be difficult to keep tabs on your spending."
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