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OM21 - Save on changing holiday cash

With the peak holiday season rapidly approaching, now seems like a good time to remind you of the importance of shopping

around for your foreign currency.

In theory, you need to take the following into account:

  • the exchange rate, which usually changes daily (for example, at present, £1 buys around 1.4 euros or 1.8 US dollars);
  • the commission charge, which can vary from 0% to 2% of the value of the transaction; and
  • any handling or delivery charges.

For example, independent financial researcher Moneyfacts has just reviewed the foreign-currency deals on offer from ten of the UK's leading branch-based providers. Here's are the top three and worst three providers in four categories:

How much does it cost to buy a thousand US dollars?

Provider

For $ notes (£)

Marks & Spencer 547.05
Thomas Cook 547.05
Halifax 553.06
Royal Bank of Scotland 569.14
NatWest 571.94
HSBC 579.54
Average of ten providers 559.55
Difference between best and worst 32.49

 

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This web-site was last updated on 17/01/2012

Specialist Dental Accountants for over 27 years.

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