The currency exchange company eurochange has shared a common mistake that many tourists make in the build up to their holiday which could see them lose money.

Before setting off on a getaway abroad, almost all tourists will take out some of the local currency for some souvenirs, meals out and other expenses.

However, Laura Evans-Fisk, Head of Digital Engagement at eurochange, warned that exchanging money at the airport can be a serious waste of money.

She explained: “It’s shocking to see the huge difference in rates across UK airports, and the huge amount of money Brits could be losing out on if they wait until they get to the airport before exchanging their cash.

“Changing money at the airport is absolutely the least cost-effective way of picking up your holiday money, as the rates can be up to 13 percent higher than they are on the high street or online.”

Since there is less competition there, money exchangers at airports typically have worse conversion rates than alternatives found in more residential areas.

According to eurochange tourists who take out €500 (£425) from a money exchanger on the high street get up to £101.83 more than those who exchange their cash at the airport.

The company found that London Stansted is the worst airport for exchange rates, with Birmingham International having the closest to standard rates.

Laura suggested that travellers looking to get the best possible exchange rate take out foreign currency on the high street between Monday to Thursday.

She advised: “I would always recommend buying your euros before you get to the airport as the exchange rates tend to be far lower if you buy them in branch or online in advance.

“Typically, Monday through to Thursday is the best time to buy your euros, as these are the least busy days for transfers, so you might see a little less fluctuation in the mid-market rate over these days.”

The financial expert also suggested that tourists should consider taking a travel money card, which can be more convenient for tourists visiting a number of countries.

She added: “If you aren’t keen on carrying around physical cash, prepaid travel money cards are a great option, especially if you are going to need multiple currencies whilst you’re away, plus you don’t get charged for using them, as you often do when you use a normal bank card.”

Tourists interested in these cards should always check for any hidden fees, such as application costs and transaction expenses, and that they can hold the desired currency.