High street best for holiday cash

6 June 2007

People can make significant savings by buying their foreign currency on the high street or online rather than at the airport, says Which? Money today.

Which? Money checked the exchange rate when buying 500 euros at ten providers including banks, high street outlets and airport bureaux de change and found there was a saving of up to £35 between the least expensive and most expensive.*

Carrying the right cards can also make a big difference – almost all cards add a foreign exchange loading fee to the exchange rate, and a growing number of debit cards also charge a flat fee on purchases.

For spending abroad, Which? Money recommends credit cards from Liverpool Victoria, Nationwide, the Post Office or Saga**. Debit cards are better for cash withdrawals as they usually have slightly lower handling fees – Nationwide’s debit card is currently best***.

Martyn Hocking, Editor, Which? Money, says:

“Don’t leave changing your holiday money until the last minute –check if your own bank offers preferential rates, and shop around to get the best deal on the high street or online.

“Check the charges on your cards too, and if you’re going on a long holiday speak to your bank before you go – if it sees a spate of foreign transactions it might query them or even block your card.”

Notes to editors

A full article “Holiday money made simple” appears in the June issue of Which? Money magazine. The article includes the results of a survey on carrying money abroad and the pros and cons of using cash, traveller’s cheques, credit cards and debit cards.

For further information, the full article, a copy of the magazine or an interview, contact Nicola Frame.

Which? Money was launched on 1st February and provides impartial, expert information on money matters, to help people make the right choices. Which? Money is published monthly and is available by subscription only. A special trial offer of 2 issues for £2 is available by calling 0800 0321 177.

Footnotes

* M&S offered a commission-free exchange rate of 1.424 (£351 for 500 euros). The most expensive airport bureau offered an exchange rate of 1.323 and charged 2 per cent commission (£386 for 500 euros).

** The Post Office Platinum MasterCard and Nationwide Gold Visa have no foreign exchange loading anywhere in the world. The Saga Visa and has a foreign exchange loading of 1% outside Europe. The Liverpool Victoria Visa has a foreign exchange loading of 2.75% outside Europe.

*** Nationwide FlexAccount debit card is the only card that does not impose any fees on cash withdrawals abroad.

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