1 in 10 holidaymakers has confessed to currency confusion and taken the wrong currency on holiday. ICE plc, the foreign exchange and prepaid currency card provider who commissioned the survey amongst 2000 people this August*, is urging those jetting off to double-check the legal tender of their destination and don’t assume any European country will accept Euros. Croatia, the latest country to join the EU, is currently advising travellers to take both Euros and Kuna.
Tom Johnson Head of ICE Online Business said: “It’s easy to assume that if it’s Europe it must be Euros. This catches out people heading to Turkey most frequently which has the Turkish Lira as legal tender and is one of few places in Europe offering great value against the Pound this summer, giving holiday makers almost 155 Lira more this summer compared to last on a £500 currency exchange.
“It’s even easier to assume it’s Euros if it’s an EU country. But currently only 17** of 28 EU members have adopted the European currency creating some currency confusion for travellers. For example if you are visiting Croatia, you might wonder whether you’ll get a better exchange rate on Euros of Kunas. The fact is, right now there’s very little difference. You’ll get 8% less this year than last on your currency conversion when you buy either Croatian Kuna or Euros. On the more positive side, the cost of living in Croatia is quite low with a beer averaging at £3 and a meal for four just £28; you don’t need a big budget to have a good time.”
Most people know that Poland is in the EU, but the currency currently remains the Zloty, not Euros. Denmark and Sweden both use their own form of the Krone, despite being in the EU but to add to the confusion, Finland does use Euros.
Tom Johnson concludes: “Wherever holidaymakers are heading, it’s important to do some research on the local currency. The Eurozone may seem familiar territory, but it still has some surprises up its sleeve and holidaymakers can get caught out. Order the right currency before leaving the UK, preferably online to obtain the most competitive rates and to avoid additional charges incurred through ATMs when using debit and credit cards abroad. Travellers to Euro destinations should also consider a fee free prepaid currency card such as the ICE Travellers Cashcard as a more secure and convenient way to pay for goods and services than carrying cash.”
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