Save with M&S travel money and take off without the ‘tax’

British travellers could save £1.3 billion this year by shopping around for the best deal on foreign currency – a typical saving of more than £35 per travel money purchase which would cover the £5 increase in Air Passenger Duty from 1 February 2007 on seven European flights.

The latest research by M&S Travel Money reveals that six in 10 travellers don’t shop around for the best exchange rate and nearly half fail to avoid commission charges. This may be because people think it’s time consuming to shop around when they’re busy getting ready for their holiday, but there are quick and easy ways to get good value for your travel money.

M&S Money’s Super Seven Travel Money Tips:

You don’t have to pay commission and handling fees – some providers don’t apply these charges any more so you can avoid this extra cost

Check for charges on travellers cheques - 0% may apply to foreign currency but not travellers cheques

Compare exchange rates online – many providers offer the same rates online as they do on the high street, so you can check rates before setting out

‘Best buys’ may be selective – some providers offer good rates online but not face? to? face, so take care if buying at the last minute, particularly at airports where there may be limited choice

Beware of ‘best rate in town’ notices – always ask for the exchange rates if they are not displayed

Check rates later in the day – some providers update their exchange rates at midday when they know what the market leaders are offering

Ask if there is a wide range of currencies in stock – if not you might not have time to order and collect

To make life easier for customers, M&S Money charges no commission or handling fees on foreign travel money and offers the same market leading exchange rates at all of its 100 bureaux de change in M&S stores, as well as online and by telephone.

Eddie Nott, Deputy Chief Executive of M&S Money, commented; “We monitor exchange rates and charges in the market every week and it’s amazing how much variation in price there is on the high street. But it doesn’t take too much effort to get a good deal, and we urge holidaymakers to use M&S Travel Money as a benchmark when shopping around.

“We don’t just promise a fair price but also stock a wide range of currencies in all M&S bureaux de change – many of which are open seven days a week – up to 10.00pm, and by telephone and internet with free delivery to your door on orders of £500 or more.”

M&S Money found that the average amount of cash exchanged is £360. On this amount, getting a competitive rate and paying no commission could save more than £35 per trip. With Britons due to make 70 million trips abroad this year they could save £1.3 billion, cancelling out the extra Air Passenger Duty on their flights to Europe.