Some holiday money rates unfair, says Which?
- 25 May 2012
- From the section Business
Some currency exchange providers are being "unfair" by offering different rates at different branches across the UK, a consumer group says.
A relatively small test survey by Which? found differences of up to 30 euros (£24) being offered by the same provider in different cities in exchange for £500.
However, it also found some retailers offered identical rates nationwide.
The eurozone crisis has seen the pound strengthen against the euro recently.
The latest prices saw the exchange rate for travellers reaching about one euro and 21 cents for a pound.
However, Which? said that not everyone across the country is getting the same rate.
"While we understand that local competition may play a part in the rates set, it is unfair that people are missing out on the best currency exchange rates just because of where they live," said Richard Lloyd, Which? executive director.
"Holidays do not come cheap and these anomalies do not help hard-pressed consumers. Currency providers need to make sure their rates are consistent to ensure a fair deal for everyone."