Travellers short-changed 7pc by choosing wrong option when spending overseas
Not short changed, no:
Foreign holidays and business trips are often expensive affairs, but travellers could be short-changing themselves by up to 10pc by choosing the wrong card machine option when they spend abroad.
Those who travel overseas are often given the option of paying in local currency or sterling when they pay by card in shops, bars and restaurants. However, travellers who pay in sterling are typically offered a currency conversion rate much poorer than the market rate.
“Make a choice that others disagree with” might be closer to hte truth.
Sure, it’s possible to surmise that they’re all stupid and thus make the “wrong” choice. It’s also possible to ponder that perhaps they prefer the certainty of knowing how much is going to be sucked out of their account to the extra they could gain through uncertainty.
More research is needed, as they say, to work out which of the two explanations holds.