More than a quarter of travellers are losing out on up to £100 in foreign exchange costs when going abroad as a result of not searching for the best deal.

Almost two thirds (64%) of those who spend time searching for a better deal on currency exchange can save an equivalent amount, research today by currency card firm EasyFX reveals.

When looking to buy foreign currency, almost half (45%) visit a bureau de change before going abroad, while 24% use a credit or debit card on holiday.

The study also found that more than a third (40%) of people spend up to three hours searching for the best accommodation offer and 43% spend the same amount of time looking for a better deal on flights.

As a result, half of those who prioritised accommodation achieved savings of up to £100, and more than half (54%) saved the same amount on flights.

EasyFX chief executive Nick England said: “The rise of flight and accommodation comparison sites means that holidaymakers are all too familiar with the ways in which they can make savings when travelling abroad.

“However, Brits need to understand that while they may be saving on some aspects, they could be losing out on others – like foreign exchange.

“Withdrawing cash abroad often has fees of up to £1.50 per transaction and carrying large sums of money exchanged prior to a holiday can be risky.

“By looking to alternative ways of exchanging money, holidaymakers can rest assured that they are using the smartest, most efficient and hassle-free method, making their money go even further.”