Caxton FX has emerged as offering the best holiday money deals, according to consumer research by Which? Money.
The telephone bureau de change and prepaid card provider was ranked highest by Which? members, achieving a score of 89% for value for money and customer service. Respondents to a Which? Connect online survey of 6,445 members said that the Caxton FX travel money service was ‘quick and efficient’ and the firm offered ‘better service than the banks’.
Sainsbury’s Finance was the second best provider, with a score of 80%. ICE followed with 79%. At the bottom end of the scale Travelex attained a score of 59%, way below the 71% average. One survey respondent said that although the company offered a convenient service, it’s ‘only good if currency is ordered online and collected at the airport’, and ‘may not give the best rates’.
Post Office is most used for travel money
The Post Office emerged as the most popular place to buy foreign currency, being used by four in 10 respondents. The PO got an above-average score of 74% in our survey. Marks & Spencer was the second most popular exchange provider, being used by two in 10 people.
Which? travel money expert Dan Moore commented: ‘Shopping around for the best currency deal is worthwhile, but it’s equally important to think about how you pay for your holiday money. Many debit and credit cards charge an extra fee for foreign currency purchases, even when you buy currency in the UK before travelling. This fee can easily wipe out any exchange rate benefit gained from shopping around. It’s best to pay for foreign currency by cash wherever possible.’
Visit the Which? travel money guide for more information on the best ways to get travel money and spend abroad.
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