Scots top of league table for holiday spending money

A survey of the foreign currency purchasing habits of Brits heading abroad has revealed that Scottish travellers exchange the most cash before setting off on holiday, meaning they get the best value on their travel money.

Scots exchange the most before travelling at £340 on average, while those living in north east England are close behind with £339.

In contrast the average transaction at stores in the south west is £298, with people living in Northern Ireland only spending £295 on foreign currency.

The findings are revealed in the latest M&S Travel Money table, which ranks the network of nationwide M&S bureaux de change by average transactional value (ATV) - the amount of currency customers buy before travelling.

Fraser Millar, M&S Head of Travel Services, said: "Our research suggests that 69% of people buy foreign currency before travelling, to pay for goods and services overseas. By taking out more currency in advance, shoppers in Scotland and the north of England are getting the best value on their holiday money.

"Leaving it until you get to the airport to buy travel money can cost you more as you may be charged commission and exchange rates tend to be uncompetitive. Withdrawing cash once you get to your destination can also mean paying extra on charges."

The report found that Brits change on average £303 of Euro and £319 of US Dollar. But it is ‘exotic' currencies - non Euro and US$ - which have seen the biggest increase in ATV in the past year. Travellers now buy on average £316 of exotic currencies - a 10% increase on 2007.

Fraser said: "As the pound has weakened against the Euro and US Dollar, travellers are looking for value-for-money holidays in non-Euro and US Dollar resorts. We have seen large increases in sales of Turkish and Egyptian currency in particular.

"With many families going on a half term break in the next few weeks, we are expecting an increase in sales at our bureaux as shoppers head to M&S for their travel essentials."

M&S Money offers the same competitive exchange rates across all services including telephone and online ordering ensuring that customers get a great deal however they decide to purchase their currency. The bureaux also offer a commission-free buy back service with a wide range of currencies available.

M&S in?store bureaux de change are open seven days a week, including weekday evenings up to 10.00pm depending on store opening hours.