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The average business owner regularly travelling abroad fails to reclaim £217 in expenses each time they take a trip, a new study reveals.
Only a third of the 500 surveyed checked the fees applied to when making card payments abroad before they travelled, while more than one in four said that the found it hard to calculate the relative cost of an item in their home currency quickly.
Almost half of respondents said that they actively tried to curb their spending while abroad to stay within their allocated budget.
More than two thirds use a credit or debit card for most of their purchases when abroad while one in four wished they could better keep track of their payments.
However, two thirds said that they would definitely be doing more business globally next year and taking more trips abroad, with the other third saying that more business travel was likely.
None of those surveyed said that they expected to take fewer business trips abroad next year.
Accessible Wi-Fi was the most important requirement when making business trips, followed by travel upgrades and eating at fine restaurants.
One in five said that making business trips made them feel more important, with a similar proportion saying that they thought that it implied success.
But one in three said wished had a bigger budget allowance, according to the research carried out by the DCC Forum of frequent business travellers.
Jennifer Conneely, board member of the DCC Forum, said: “It’s great to see that business owners are so optimistic about the future, and that business travel is set to increase in the next 12 months. “While business travel can be an exciting prospect though, it can also be a costly one with those we surveyed struggling to stay within their budget and then reclaim the money they spent.
“Business owners need to make sure that they check their payment options before they pack their bags to avoid a post-trip hangover of costly invoices and unclaimed expenses.”
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