Moneysupermarket.com claims that the new service has shown that the value for money achieved when exchanging pounds for foreign currency differs significantly depending on the company.
When ordering E1,000 from Lloyds TSB, for example, customers are required to pay GBP709.50 plus a home delivery charge if they order over the phone. The same amount at First Direct, however, would cost GBP679.34, a saving of GBP30.16.
The service has further revealed that the charges for using credit cards abroad are also far from standardized. Withdrawing GBP100 in Europe with an Egg card will cost consumers an additional GBP7.39 in charges, while the Post Office platinum card charges just GBP3.32 for the same service.
Rob Kenley, head of travel money at moneysupermarket.com, has advised against last-minute travel money arrangements and the reliance on credit cards abroad without regard to the fees involved.
He stated: Shopping around long before takeoff can mean big savings, and continued: 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.
