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'Brits losing out on currency exchange'

(20 Feb 2007)

Going on holiday? – Get a great deal on travel insurance

British holidaymakers could save themselves a total of £1.3 billion this year by shopping around for competitive exchange deals on foreign currency, new figures suggest.

According to a study by Marks & Spencer (M&S) Travel Money, six out of ten travellers do not look around for a good exchange rate and just over half of all tourists incur commission charges.

However, by getting the most competitive deal available, consumers could save an average of £35, leaving them with enough cash to cover the extra £5 payable on seven European destinations following the rise in air passenger duty since February 1st.

Deputy chief executive of M&S Money Eddie Nott said: "We monitor exchange rates and charges in the market every week and it's amazing how much variation in price there is on the high street."

He advised consumers that they do not have to pay commission and handling fees charged by some providers and they should look to compare exchange rates online.

Research released by American Express Insurance reveals the amount of Britons set to go on foreign holidays this year is set to rise by five per cent.

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