Currency exchange could cut mounting travel costs

Britons are spending an increasing amount of money overseas, according to a report by the Payments Council.

Better rates of currency exchange through an independent currency brokerage could reduce the £32 billion which Brits spent overseas last year.

Bank cards and ATMs were reportedly the most used methods of payment, with one-fifth of all money spent abroad being drawn from foreign cash machines.

However, with banks' foreign exchange charges coming in at an average of four per cent per transaction, this way of paying could soon add up.

Money-conscious Britons who are keen to head abroad may also be interested in a recent report from the Post Office which revealed that Prague is the best bargain city break.

The eastern European city offered an average weekend trip at almost two-thirds less than an equivalent break in New York, even when the poor sterling exchange rate was taken into account.

Click here to see how much you can save with HiFX's Foreign Exchange services

Posted by Sarah Pitton