Britons urged to shop around for foreign currency

British people should shop around for foreign currency before they board ferries from Dover to Calais in order to avoid losing money.

A survey by Which? has revealed that there are significant regional variations in the amount of euros that consumers are offered in exchange for sterling in different branches of high street foreign currency suppliers.

Secret shoppers headed to various big-name stores in ten locations across the UK armed with £500 to exchange.

They were offered up to €13.50 (£10.81) less in some cities than in others. For example, the Post Office had a lower exchange rate in Birmingham and Sheffield than in London and Glasgow.

Which? executive director Richard Lloyd said: "It is unfair that people are missing out on the best currency exchange rates just because of where they live

He recommended that people should shop around as much as possible and make the most of the internet to get good rates.

The news comes despite MoneySupermarket.com recently finding that holidaymakers are currently saving up to £80 per €1,000 compared to the same time last year because of the strength of sterling.

Posted by Andrew Smith
 

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