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Travel money - don't Thomas cook it!

Travel money - don't Thomas cook it!

Category: Savings

Updated: 31/10/2008
First Published: 13/09/2007

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

With peak holiday season fast approaching, many of us will be spending time searching for the most competitive travel package, insurance, flights or car parking. But one area we seem to neglect is our travel money, often choosing the convenience of our own bank or airport rather than shopping around to find the best travel money deal available.

If you buy your travel money from Thomas Cook or your travel agent it will cost you lots more, it's as simple as that! By looking beyond your local travel agent you can save yourself as much as £20.

Long gone are the days when travel money was only available from your bank or travel agent and there are now a whole host of companies offering travel money either online, over the phone or even in the high street.

There are loads of commission free travel money deals, which is great news, as these fees used to be between 2%-3%. However, this now makes the exchange rate the key factor in determining how to get the best travel money deal. It's something that isn't that easy to search and compare, so our latest travel money mystery shop is the perfect place to search and compare the best travel money deals.

The tables illustrate the total sterling equivalent you would need to pay for either €1,000 or US$1,000 of travel money.

1000 EURO

Provider

Exchange Rate< P>

Commission charge

COST

PLUS - Delivery Fee

Travelex

1.4181

0%

£705.17

Bureaux collection

HSBC

1.4149

0% on orders between £100 and £2K

£706.77

Free branch or home delivery available. £3.95 home delivery fee if order is less than £250.

Marks & Spencer

1.408

0%

£710.23

Free branch or home delivery available. £5 home delivery fee if order is less than £500.

Halifax

1.3994

0%

£714.59

Branch delivery available. Home delivery charge of £5, not available for online orders

Nationwide BS

1.3979

0%

£715.36

Home delivery charge £3.50

NatWest

1.3947

0%

£717.00

Free branch or home delivery available. £5 fee for home delivery orders of less than £500.

Lloyds TSB

1.3912

0%

£718.80

Free branch delivery. Home delivery charge of £4.50

Post Office

1.3904

0%

£719.22

Free branch or home delivery available. £5 home delivery fee if order is less than £400.

Thomas Cook

1.38

0%

£724.64

Free branch or home delivery available

Moneyfacts.co.uk - the money search engine

Rates from providers websites 19 May 2007


Provider

Exchange Rate

Commission charge

COST

Delivery Fee

Travelex

1.9156

0%

£522.03

Bureaux collection

Marks & Spencer

1.903

0%

£525.49

Free branch or home delivery available. £5 home delivery fee if order is less than £500.

HSBC

1.898

0% on orders between £100 and £2K

£526.88

Free branch or home delivery available. £3.95 home delivery fee if order is less than £250.

Post Office

1.8971

0%

£527.12

Free branch or home delivery available. £5 home delivery fee if order is less than £400.

Nationwide BS

1.896

0%

£527.43

Home delivery charge £3.50

Halifax

1.8839

0%

£530.81

Branch delivery available. Home delivery charge of £5, not available for online orders

NatWest

1.8839

0%

£530.81

Free branch or home delivery available. £5 fee for home delivery orders of less than £500.

Lloyds TSB

1.878

0%

£532.48

Free branch delivery. Home delivery charge of £4.50

Thomas Cook

1.87

0%

£534.76

Free branch or home delivery available

Moneyfacts.co.uk - the money search engine

Rates from providers websites 19 May 2007

Finally, a word to the wise - don't leave buying your travel money to the last minute, because purchasing travel money at the airport will normally include a premium for the convenience!

Related links:


Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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