Currency fluctuations post-Brexit has caused business travellers to go up to £500 a trip over their travel budget.
While a quarter have managed to avoid exceeding their budgets, and 30 per cent had no budget set, 1 in 3 had exceeded specifically because of fluctuating exchange rates since the referendum last year – with an average overspend of £49.17.
Some exceeded their budgets by much more, with 15 per cent having surpassed their budgets by £100 or more, and 3 per cent by more than £500, research from the Dynamic Currency Conversion (DCC).
Unsurprisingly the research from currency experts found that 17 per cent named unpredictable and fluctuating exchange rates as their main concern now the UK has voted to leave the EU. This was the second most cited concern, after having to apply for visas in EU countries (25%).
The study of 500 business travellers who had been on business trips abroad in the last year also asked what aspects of business travel they disliked the most. Having to wake up early for flights was top of the list (37%), ahead of being away from family and friends (32%) and waiting in airports (31%). 12% said they disliked having to go through the process of claiming back expenses after their business trips.
Jennifer Conneely, board member of the DCC Forum, said: “Although the UK government is still yet to formally trigger Article 50, uncertainty about what the position of Britain will be post-Brexit is already having an impact on business travellers. Volatility in exchange rates have caused business travellers to exceed their budgets and have become one of the biggest worries for those who have to head abroad regularly. Until the final details of Britain’s post-Brexit deal are clear, business travellers will continue to look for options that provide the most certainty when making payments abroad.”
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