Aussies being stung by travel money charges, study shows
Aussie holidaymakers continue to be hit with huge charges when looking for the best travel money options, a new study conducted by Mozo has found.
The report also suggested companies are issuing Australians with excessive fees when they purchase foreign currency before heading abroad.
Mozo.com.au managing director Rohan Gamble believes these charges are "poorly communicated" by providers, meaning too many Aussies are paying "through the nose" to spend their hard-earned cash overseas.
The research was undertaken to mark the launch of the firm's new travel money comparison site, which could prove to be a vital tool for Australia's hoards of holidaymakers.
Indeed, last year 7.1 million Aussies ventured abroad and spent $5,000 each on average. To avoid being stung by unnecessary charges, Mozo has urged vacationers to shop around for their travel money and to be careful when accessing "commission free" foreign currency.
This advice comes at a good time, as Cheapflights.com recently predicted that plenty of Aussies will be taking advantage of cheap late deals on Christmas holiday packages.
Have a question about travel money? Ask the money gurus at Mozo Answers.