Moneyfacts.co.uk reveals the results of its holiday money mystery shop
�Lisa Taylor from Moneyfacts.co.uk – the money search engine investigates:
“With peak holiday season fast approaching, many of us will be spending time searching for the most competitive travel package, insurance, flights or car parking. But one area we seem to neglect is our travel money, often choosing the convenience of our own bank or airport rather than finding the best deal.
“This year travellers will find an abundance of commission free currency deals, with only a handful of branch and telephone services charging an upfront commission fee. This is great news, as travellers will avoid paying these fees, which previously ranged between two and three percent of the order. However this now makes the exchange rate the key factor in determining the best deal. It is something that is not easily searchable without trawling individual providers websites or even more time-consuming, making phone calls or visits to the branch.
“Long gone are the days when foreign money was only available at the branch of your bank. Today most providers offer an online telephone and branch ordering service, and most will offer branch, home and sometimes airport collection. However, beware that some home delivery fees can be as much as £5.50.
“Moneyfacts.co.uk latest travel money mystery shop takes a look at the rates available at some of largest travel money providers online offers. The tables illustrate the total sterling equivalent you would need to pay for either €1,000 or US$1,000.
“By choosing carefully from the providers listed below, savings of almost £20 can be made. And of course the more money you take, the larger the saving can be.
“Consumers should perhaps look beyond their own bank or local travel agent and take the time to shop around at least a few other providers. Don’t leave it to the last minute: purchasing at the airport will normally include a premium for the convenience.”
1000 EURO
Provider |
Exchange Rate |
Commission charge |
COST |
PLUS - Delivery Fee |
Marks & Spencer |
1.408 |
0% |
£710.23 |
Free branch or home delivery available. £5 home delivery fee if order is less than £500. |
Post Office |
1.3904 |
0% |
£719.22 |
Free branch or home delivery available. £5 home delivery fee if order is less than £400. |
Thomas Cook |
1.38 |
0% |
£724.64 |
Free branch or home delivery available |
Travelex |
1.4181 |
0% |
£705.17 |
Bureaux collection |
HSBC |
1.4149 |
0% on orders between £100 and £2K |
£706.77 |
Free branch or home delivery available. £3.95 home delivery fee if order is less than £250. |
Halifax |
1.3994 |
0% |
£714.59 |
Branch delivery available. Home delivery charge of £5, not available for online orders |
Lloyds TSB |
1.3912 |
0% |
£718.80 |
Free branch delivery. Home delivery charge of £4.50 |
Nationwide BS |
1.3979 |
0% |
£715.36 |
Home delivery charge £3.50 |
NatWest |
1.3947 |
0% |
£717.00 |
Free branch or home delivery available. £5 fee for home delivery orders of less than £500. |
Moneyfacts.co.uk – the money search engineRates from providers websites 19 May 2007 |
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1000 US Dollars
Provider |
Exchange Rate |
Commission charge |
COST |
Delivery Fee |
Marks & Spencer |
1.903 |
0% |
£525.49 |
Free branch or home delivery available. £5 home delivery fee if order is less than £500. |
Post Office |
1.8971 |
0% |
£527.12 |
Free branch or home delivery available. £5 home delivery fee if order is less than £400. |
Thomas Cook |
1.87 |
0% |
£534.76 |
Free branch or home delivery available |
Travelex |
1.9156 |
0% |
£522.03 |
Bureaux collection |
HSBC |
1.898 |
0% on orders between £100 and £2K |
£526.88 |
Free branch or home delivery available. £3.95 home delivery fee if order is less than £250. |
Halifax |
1.8839 |
0% |
£530.81 |
Branch delivery available. Home delivery charge of £5, not available for online orders |
Lloyds TSB |
1.878 |
0% |
£532.48 |
Free branch delivery. Home delivery charge of £4.50 |
Nationwide BS |
1.896 |
0% |
£527.43 |
Home delivery charge £3.50 |
NatWest |
1.8839 |
0% |
£530.81 |
Free branch or home delivery available. £5 fee for home delivery orders of less than £500. |
Moneyfacts.co.uk – the money search engineRates from providers websites 19 May 2007 |
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NOTES TO EDITORS:
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