Holidaymakers facing their own euro crisis

PEOPLE travelling to the eurozone this summer could be missing out on millions of euros worth of holiday money by failing to shop around for the best currency deals.

New research carried out by foreign exchange specialist Moneycorp suggests travellers could miss out on €215 millions (£170m) this summer by not shopping around for the best deals

Ordering currency online before travel gets you the most euros for your money – while buying currency from an airport is the most expensive option.

According to the latest research, changing £500 at the airport will typically buy you around €567.35, while online converters could offer you up to €622.10 for the same amount. Changing money on the high street is also expensive – with £500 typically fetching €604.17. Buying a prepaid currency card is a good option – with £500 typically fetching €621.31.

According to the Office for National Statistics, 10.7 million people may travel to the eurozone between July and August with an average of £561 of foreign currency.

Olann Kerrison, currency expert at Moneycorp said: “People will spend a serious amount of time thinking about their holiday to get the best deal. Yet when it comes to exchanging their money, people potentially throw out all that hard work by not shopping around for the best rates.”