Price comparison website moneysupermarket.com is launching the first travel money comparison service of its kind.
The facility enables people to compare fees and commissions for foreign exchange, Sterling travellers’ cheques, or using credit, debit or pre-pay cards.
Comparisons from the new service show there are some significant differences when swapping pounds for foreign currency. For example when ordering €1,000 from Lloyds TSB, customers are required to pay £709.50 (home delivery charge applies when ordering by phone), yet with first direct this would cost £679.34 - a saving of £30.16.
Using your credit card abroad could also bring some nasty surprises. Withdrawing £100 in Europe with an Egg card will cost you an additional £7.39 in charges - opt for a Post Office Platinum card whilst in Europe and pay just £3.32 - less than half the cost incurred with Egg. It’s clear that multiple transactions could quickly add up with the wrong credit card.
Rob Kenley, head of travel money at moneysupermaket.com said: “When going on holiday travel money is often the last thing people think about, leaving it right until the last minute and getting it just before they board the plane.
“What they don’t realise is that this is the most expensive place to arrange their travel cash. Shopping around long before takeoff can mean big savings.
“But our new service is not restricted just to foreign exchange. These days many travellers rely on the convenience of plastic to pay for their holiday purchases, despite the fact they may pay dearly for doing so. Comparing the best credit, debit or pre-pay card before departure will help inform holidaymakers of the cheapest way to fund all kinds of travel expenses.”