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European expats 'should familiarise themselves with new currencies'

Travellers departing for areas outside the eurozone are often confused about local currencies, says a foreign exchange firm.

Expatriate workers may be among those unsure about how much the cost of living should be in countries such as Egypt or Turkey.

Stephen Heath, chief executive at online exchange service FairFX.com, said currency fluctuations in travellers’ home countries could confuse matters further.

In addition, many leave exchanging money until the last minute: "The worst possible place to get your currency is at the airport where the exchange rates are very poor and the advertising that goes with them very misleading."

His comments follow the release of research from travel company Thomas Cook’s foreign exchange arm, which found that more than a quarter (28 per cent) of travellers admit to doing little or no research about the daily costs in the countries they visit.

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