Londoners among biggest spenders on holidays abroad

Research has revealed that, while many UK holidaymakers attempted to cut costs on their holidays in 2009, core groups of UK travellers remain unwilling to reduce spend on their weeks away, with those spending over £3,000 on holidays most likely to be men, families on steady incomes, and those aged between 45 to retirement, living in London and the south of England.

However, while Londoners may be some of those splashing out holidays, research carried out by Post Office Travel Money reveals that people in the capital are also the most likely to be paying over the odds for their foreign currency by leaving their foreign currency exchange to the last minute.

The Post Office research found London travellers to be the worst offenders in the country when it comes to waiting to exchange their foreign currency, with 10 per cent purchasing their travel money either the day before they leave, on the day itself, or even at the airport.

Buying foreign currency at the last minute could cost UK holidaymakers up to 10 per cent more than purchasing it in advance. Due to poorer foreign currency exchange rates and higher commission fees sometimes offered by airport bureaux de change, buying travel money at the airport could cost substantially more than if it is bought in advance.

Post Office Travel Money is therefore reminding holidaymakers to organise their travel money in advance to ensure they get the best deal on their foreign currency.