Poor International Knowlegde leading to losses in Exchange Rates

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Travellers who have not familiarised themselves with the value of local currency are going over budget on their holidays, according to new data.

In a survey conducted by American Express Global Foreign Exchange Services, 46 per cent of tourists admitted to not fully understanding the conversion rate to the currency in their chosen destination.

Vice president of American Express Global Foreign Exchange Services Helen Grace noted that with the increasing demand for exotic currencies, such as the Dominican Peso and the United Arab Emirates Dirham, holiday makers must improve their knowledge of local currencies or risk over spending significantly while abroad.

Ms Grace said: “It can be really difficult to stick to a budget when you are unsure of the currency rate, and some find it hard to think of foreign currency as real money.”

The survey concluded that travellers are losing £975 million pounds per year due to confusion over foreign currency.

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