20 February 2007 Six in ten 'don't shop around for best exchange rate'
Around six in ten British holidaymakers don't take the effort to shop around for the best exchange rates when purchasing foreign currency, it has been claimed.
Recent research from M&S Travel Money reveals that 56 per cent of Britons won't seek out a competitive exchange rate when getting money for their holidays, while a further 47 per cent pay commission charges when buying their currency.
The firm urges those engaging in packing and trip planning to compare exchange rates online, find out what charges apply to travellers cheques and to check exchange rates during the day as some providers alter their rates based on their competitors' offerings.
Eddie Nott, deputy chief executive of M&S Money, said: "We monitor exchange rates and charges in the market every week and it's amazing how much variation there is on the high street."
Sainsbury's Bank recently reported that British holidaymakers took an average of £800 each abroad on their Christmas holidays, collectively changing £4.57 billion into foreign currency.
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