Expats offered foreign exchange tips

A price comparison website has put together a short guide to raise awareness of how Britons can save money abroad.

Moneysupermarket.com said that the falling value of sterling will affect expatriates and holidaymakers heading overseas.

"The value of sterling has sunk this week, as investors get jittery about the possibility there will be no clear winner in the next general election," the website explained.

"That tends to be bad for the economy, so City investors are fretting and this has dropped the value of the pound. If you're heading into Europe or further afield, that means your money is worth less."

Moneysupermarket.com advised against changing currency at the airport and suggested people do their research over the internet before buying foreign money.

Using local currency rather than sterling was also recommended so that travellers are not hit by high exchange rates.

Credit cards should be used sparingly, the website concluded.

Posted by Sarah Pitton

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