1 in 10 Travellers Has Taken the Wrong Currency on Holiday

15th August 2014

1 in 10 holidaymakers confesses to currency confusion, with 14% of men admitting to having taken Euros to a non-Euro country, according to a new survey* of 1000 people by ICE - International Currency Exchange, the leading travel money provider. ICE is urging those jetting off abroad this summer to double-check the legal tender of their destination and not to assume that any European country will accept Euros.

While the Pound is now** buying over 1.23 Euros compared to 1.13 last summer – up over 8% – non-Euro destinations are offering good value too. The Pound against the Turkish Lira is up 10% compared to last summer and the Pound against the Croatian Kuna is up almost 7%. This is good news for those looking outside the Eurozone including those visiting the European Capital of Culture, Umeå in Sweden, where the Pound has increased in value by over 12% compared to August 2013.

Tom Johnson, Head of ICE Online Business, said: "It's easy to assume that if it's Europe it must be Euros – and also if it's an EU Country that the same would apply. This is not the case and often catches people out heading to Turkey along with Croatia which became an EU country in July last year. With the Capitals of Culture this year being Riga in Latvia (which joined the Euro this year) and non-Euro destination Umeå in Sweden, it's not surprising currency confusion can happen. In our survey 68% didn't even know this year's European Capitals of Culture, which could be a bit of a missed opportunity given the boost in value of the Pound against both the Euro and the Swedish Krona.

Currently only 18*** of the 28 EU member states have adopted the European currency creating some currency confusion for travellers. 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 some debit and credit cards abroad. Travellers to Euro destinations should also consider a fee free prepaid currency card such as the ICE Euro Travellers Cashcard as a more secure and convenient way to pay for goods and services than carrying cash.

* Survey conducted by OnePoll on behalf of ICE

** Rates as at 10.30am 11th August 2014, iceplc.com

*** http://ec.europa.eu/economy_finance/euro/index_en.htm