21 May 2009

Category: Europe Travel Insurance News

Pre-paid travel cards 'could offer good value on currency exchange'

Pre-paid travel cards could offer the best value to travel insurance customers when exchanging their currency, an online currency provider has said.

"Foreign currency pre-paid cards, when it comes to dollars and euros, remain the cheapest way to get your currency," explained Stephen Heath, chief executive of FairFX.com.

Mr Heath went on to say travellers should plan ahead when it comes to exchanging spending money as many people leave it to the last minute and experience the "high cost of convenience".

Travellers should shop around for their currency, he continued, but added part of the problem was the confusion around exchange rates which makes it hard to make a comparison.

Research carried out by the company revealed travel insurance customers could be paying as much as 15 per cent commission when they are quoted zero per cent commission in the headline rates.

A recent report from AA Travel Insurance indicated the rise in the number of people booking last-minute holidays could mean an increase in the number of holidaymakers forgetting to take out a travel insurance policy.