Have your cake and eat it with 0% holiday money
People looking to change money ahead of travelling abroad can get commission-free travel money and still benefit from the best exchange rates, new research shows.
Holiday money is something that has traditionally been hard to compare, with research on exchange rates made harder as they change from day to day.
When you add travellers cheques to the mix and the fact you can use credit and debit cards abroad, assessing where the best value lies when changing money becomes even harder.
In response to this, independent comparison service Moneyfacts.co.uk looked into the market to work out the cheapest place to change money ahead of travel.
"Many consumers still rely on traditional travellers cheques and cash when travelling overseas, but when choosing their provider they often do so in the dark - virtually unaware of how good a deal they are getting," said Lisa Taylor from Moneyfacts.
"Researchers at Moneyfacts have been into the marketplace and surveyed some of the largest travel money providers on the high street, to give an insight into where the best deals can be found."
The research showed that consumers can save themselves more than £30 when changing money for 1,000 euros or dollars.
Additionally, commission-free services often have better exchange rates than those which charged commission, although this is not always the case.
As to cash vs travellers cheques, cash was sometimes cheaper, but in many case the cost of changing the money was identical.
But the best advice, as is often the case, is to shop around.
"Consumers should perhaps look away from their own bank or travel agent and take the time to shop around a few providers. Providers such as Marks and Spencer and the Post Office, not perhaps your first choice, proved to be very competitive," Ms Taylor said.
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