Shop around and save on travel money, consumers told

Tuesday, 18 May 2010 10:27

By myfinances.co.uk staff

Holidaymakers could save almost £100 on the cost of their travel money this summer by shopping around for the best deals on currency exchange before they go to the airport.

Comparison site moneysupermarket.com said that the "first step" towards saving on foreign currency is to avoid using an airport bureau de change.

Using OnlineFX to get ?1,000 would cost £978.79, saving £53 on buying the same amount of currency through the Travelex service at Heathrow, the site said.

Kevin Mountford, moneysupermarket.com's head of banking, said: "For those looking to get their hands on some foreign currency before they travel, it's worth remembering that they'll rarely get the best deal at the airport."

Prepaid cards can also be a good way of making holiday money go that bit further, as unlike many credit and debit cards, they do not charge fees for overseas use.

Using a FairFX card for ten withdrawals of ?100 would therefore be £41 cheaper than using a standard credit card, the site said.

According to Aviva, economic conditions mean that 25 per cent of Britons planning a holiday in 2010 will be spending less than in previous years.

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