Before jumping on a flight to Thailand, Dubai or another far-flung destination, travellers should purchase foreign currency in cash, it has been suggested.
Prior to jetting off on a flight to Dubai, Thailand or another exotic location, travellers should buy their foreign currency in cash on the high street, according to Which? Money.
Dan Moore, senior researcher at the consumer watchdog, made his comments following the publication of data from FairFX.com.
According to the site, only four per cent of consumers understand that they will still be charged for a foreign currency transaction, even if the commission is advertised as “free”.
He said that while some online foreign currency sites offer attractive rates of exchange, consumers could find that hidden costs could negate any benefits they might have gained from using the internet resources.
Such fees could include handling and delivery charges, Mr Moore noted, recommending that people opt to do things in person on the high street, rather than using the web.
“Get cash out of a hole in a wall in the UK, walk across the road to any of the exchange bureaux and pay in cash,” he advised.