A startling confession from British holidaymakers in Portugal has exposed a widespread lack of basic financial knowledge, with many admitting they don't even know which currency the country uses.
Research conducted by financial investment app InvestEngine has revealed that a significant number of Brits are embarking on their Portuguese getaways utterly unprepared, leading to costly mistakes and poor exchange rates.
The Shocking Statistics
The survey uncovered that nearly one in ten UK tourists were unable to correctly identify that Portugal uses the Euro (€). This fundamental gap in knowledge leaves them vulnerable to financial missteps before their holiday has even begun.
Further findings highlight a common and expensive trend:
- 44% of travellers exchange their currency at the airport, known for offering some of the worst rates.
- 15% simply use their regular UK bank card for all transactions, incurring hefty foreign transaction fees.
- Only a savvy minority seek out the best deals beforehand or use specialist travel money cards.
Expert Advice to Avoid a Holiday Money Disaster
Andrew Prosser, Head of Investment Products at InvestEngine, has issued a stark warning to prospective travellers. "Leaving your holiday money to the last minute can be a costly mistake", he cautions.
His essential tips for securing the best rate include:
- Plan and order currency in advance: Avoid the airport kiosks at all costs.
- Consider a specialist travel card: These often offer superior exchange rates and lower fees.
- Be aware of dynamic currency conversion: Always choose to pay in the local currency (Euros) rather than Pounds Sterling when given the option on a card machine.
This lack of preparation is more than just an embarrassing blunder; it's a direct hit to the holiday budget. With exchange rates constantly fluctuating, being uninformed can mean significantly less money for dining out, excursions, and souvenirs.
The message is clear: a few minutes of research on travel money could be the difference between a financial holiday headache and a stress-free escape in the sun.
