The Consumer Focus watchdog group is currently taking a hard line with the banking industry, after submitting a complaint to the Office of Fair Trading over foreign exchange rates. Accusations are wide ranging, from complex card charges, misleading interest rates to hidden costs.

In light of this, a new report has revealed that Brits themselves could be doing more to save the pennies before going abroad. A quarter of holiday makers buy foreign currency from a cash point once they reach their destination and although more than half (56%) will have bought their foreign currency on the high street, more use higher cost methods. One in ten admit to using credit cards whilst abroad, preferring to put off paying the bill until the following month and 10% purchase their currency direct from the airport.

Under budgeting and over spending is a recurrent trend year on year, with over a third (35%) of holiday makers overspending on their holiday last year, and one in five going over their budget by as much as £500. This is unsurprising as over half (56%) admit to booking last minute deals without checking the strength of their destination against the pound and more than a third admit they do not look for areas that are ‘value for money’ when going on holiday.