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31 August 2006
Holidaymakers are being charged too much money on foreign currency and non-sterling travellers' cheques, research from Sainsbury's Bank claims.
In the 12 months leading up to May, Brits are thought to have spent some £32.6 billion on foreign shores – but the bank's travel money manager, Robert O'Day, said that shopping around may curb this figure.
He stated: "During the 12 months to May 2006, we took 67.6 million trips abroad – 1.9 million more than the previous year.
"As we travel abroad more, demand for travel money services increases, but it really pays to shop around to avoid paying commission or charges."
A recent report from M&S Travel Money suggested that between us we pay £1 billion too much for foreign currency services, while other statistics have revealed that a quarter of providers charge commission and that one in three charge as much as two per cent for supplying non-sterling travellers cheques and foreign currency.
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