27 June 2007 Travellers tipped on money exchange
Holidaymakers looking to find the best deals on currency exchange before they head abroad have been given tips on ensuring they get the most out of their pounds when overseas.
Self-dubbed "consumer revenge" firm MoneySavingExpert.com warns that the airport is usually the most expensive place to exchange currency, while advising credit and debit cardholders to be wary of hidden charges incurred when cards are used abroad.
Travellers are also advised never to let a shop charge them in pounds - usually at an unfavourable exchange rate - when abroad and to use the internet to find the best currency exchange deals.
Martin Lewis, creator of the company, said: "The problem with travel money has always been that there are a myriad of charges which confuse the actual rate."
He added that offers of commission-free currency will often have a worse exchange rate which can wipe out any savings on fees.
Last week, financial services comparison firm moneysupermarket.com reported that consumers using a debit card from some high street banks could pay up to 12 per cent more for their purchases abroad compared to those with other banks.
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