LEEDS, UNITED KINGDOM--(Marketwire - Aug. 3, 2012) - A damning report from consumer group, Which? found a number of significant variations in rates between UK cities for the same amount of foreign exchange.*
A traveller looking to buy foreign currency in a Birmingham branch of a travel money supplier might end up paying more than if they bought currency in Glasgow. In some cases this could be the difference of an extra £35.
The investigation, which involved exchanging £500 into euros at a number of national exchange branches, found the best deal was in London and Glasgow. In these cities holidaymakers would get EUR578.50 in return, compared to the lowest rate of just EUR565 in Birmingham.
The best rate of EUR585 could be found in Sheffield; however, a branch in Manchester offered just EUR553 making that a total difference of over EUR30 or £35.
In addition to this, the consumer watchdog also found several differences between online and high street providers.
The research also looked at the best rates for credit cards, debit card and prepaid card use overseas. A number of lenders and high street banks often charge consumers for using their credit, debit or prepaid card abroad; some more than others.
Holidaymakers could be missing out on better exchange rates for their travel money by not shopping around for the best rates online.
Asda Money offers affordable travel money rates to destinations across the world.
Asda's travel money operates on a national pricing strategy and never increases pricing in certain areas.
Notes for editors
* As reported in Daily Mail, Travellers short-changed on holiday money due to currency exchange postcode lottery.
About Asda Travel Money
- 0% commission on over 60 foreign currencies
- Competitive exchange rates
- Available to order online, over the phone or in selected travel money bureau stores
- Choice of Click and Collect (in store collection) or home delivery
- Free home delivery on travel money orders of £500 or over (£3.95 delivery charge applies to orders under £500)
- Next day delivery including Euro and US Dollars when ordering before 2pm (Monday - Thursday)
- Choice of cash, travellers cheques or Cash Passport™ prepaid currency card (in store only)
Asda Travel Money ordered online or by telephone is provided by Travelex Currency Services Limited, registered number: 03797356. Asda Travel Money ordered in store is provided by Travelex Agency Services Limited, registered number: 04621879. Both companies registered office is 65 Kingsway, London WC2B 6TD. ‡Calls from a BT landline will cost up to 4p per minute. Rates from other providers and mobiles may differ. Please contact your provider for more details. Calls may be recorded and/or monitored. Lines open 8am to 10pm Mon-Fri, 10am to 8pm Sat, Sun and Bank Holidays.