A meal for two in Florida

Peopleschampion.com beats the High Street banks and Post Office with its online currency offering.

The big High Street banks - despite their size and ability to hedge currencies - are still offering consumers less than a new website.

A Peopleschampion.com study shows that the High Street banks and Post Office are now taking extra profit margin on currency transactions with Euros and Dollars. The strong pound is encouraging many Britons to go to America this year. But if you want to buy a £1,000s worth of dollars, some banks are making $34 more on selling to the consumers. That’s the equivalent of a meal for two in Florida.

Most banks now offer free commission on transactions and free delivery up to a certain amount, usually £500, but the big banks have been able to make profits by squeezing the rates on both Euros and Dollars.

However, a new online price comparison site, Peopleschampion.com, working with Travelex, the major international currency organisation, is able to offer a better deal online than the majority of the High Street banks.

Jim Spowart, the chairman of PeoplesChampion.com, said: “We set ourselves up to find the best deals for consumers. This is just another example of the banks creaming off customers who are going on holiday. They already make a small fortune on those who use ATMs and credit cards abroad, now they seem to be cashing in on currency transactions too.”

Peopleschampion.com recently set up a deal with Travelex to deliver online currency to consumers, offering a next day service and free delivery to your home for sums over £500.