New research has found that two thirds of British holidaymakers admit to financial mishaps that end up costing them extra cash while abroad. HSBC UK, who carried out the research, also found that 66 percent say the rising cost of living has changed the way they holiday.
As many as 20 percent are travelling out of season to save money, with October the most popular month, and 27 percent have now set a stricter travel budget. However, 65 per cent still admit to being caught out by "financial blindspots" during their holidays.
One in 10 have made purchases abroad in GBP, which is more expensive than local currencies, and six in 10 said they incurred fees for cash withdrawals and debit card transactions last time they travelled overseas. The research, which involves a poll of 2,014 adults, comes as HSBC UK launches a fee-free Global Money account to help travellers cut costs.
Tom Wolfenden, Head of Retail at HSBC UK, said: "This year many people will be travelling internationally again, but with the rising cost of living they’ll also be keeping a close eye on their finances. The most popular way to spend abroad is with a debit card but traditionally, this incurs fees, and exactly what people are paying isn’t always clear.
"Customers should be able to manage their money whenever and wherever they want without worrying about fees. Global Money will do exactly that – making it easier for our customers to manage their spending so they can focus on enjoying their trip."
Luggage fees, hotel excursions and room taxes are also some of the extra costs that are pushing the nine in 10 travellers who have set a holiday budget over their spending limit. According to the new survey, one in four Brits say they’ve gone over-budget by between £100-£300 on their holiday this year.
Travel Journalist & Broadcaster, Simon Calder, added: "Like many travellers I’ve moved most of my holiday spending from cash to card over the past couple of years and with finances under pressure it is essential to keep track of your holiday spending – and avoid unnecessary transaction fees when paying by card."
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