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"We're going where the sun shines brightly. From Summer Holiday by Cliff Richard With the peak holiday season rapidly approaching, now seems like a good time to remind you of the importance of shopping around for your foreign currency. At first glance, it's difficult and time-consuming to compare several deals for foreign currency. In theory, you need to take the following into account: For example, independent financial researcher Moneyfacts has just reviewed the foreign-currency deals on offer from ten of the UK's leading branch-based providers. Here's are the top three and worst three providers in four categories: How much does it cost to buy a thousand US dollars? Provider For $ notes (£) Provider For $ travellers' cheques (£) Marks & Spencer 547.05 Marks & Spencer 547.05 Thomas Cook 547.05 Halifax 550.27 Halifax 553.06 Thomas Cook 552.52 Royal Bank of Scotland 569.14 Royal Bank of Scotland 567.35 NatWest 571.94 NatWest 570.15 HSBC 579.54 HSBC 579.54 Average of ten providers 559.55 Average of ten providers 559.96 Difference between best and worst 32.49 Difference between best and worst 32.49 So, if you want to get a great deal on US dollars on the high street, Marks & Spencer is clearly the place to go. How much does it cost to buy a thousand euros? Provider For euro notes (£) Provider For euro travellers' cheques (£) Thomas Cook 700.77 Marks & Spencer 704.23 Marks & Spencer 704.23 Thomas Cook 707.78 Halifax (existing customers) 712.34 Halifax (existing customers) 708.74 Royal Bank of Scotland 725.56 Thomson 712.66 NatWest 729.15 NatWest 715.41 HSBC 742.36 HSBC 722.93 Average of ten providers 717.74 Average of nine* providers 718.46 Difference between best and worst 41.59 Difference between best and worst 38.13 Marks & Spencer claims a silver and gold in this category, reinforcing its position as the best high-street provider of holiday money. Oddly, despite their size and expertise in the currency markets, the big high-street banks rarely offer the best deals, with global giant HSBC finishing last in all four tables. So, as you can see, buying your foreign currency from the wrong firm could cost you around 6% more than going to a Best Buy provider, or £30 for every £500 that you hand over. So, shop around, because there's no point in paying more for exactly the same product! Finally, I always book my currency in advance from www.travelex.co.uk and pick it up at the rail station, ferry terminal or airport. In my experience, thanks to its price promise, the Travelex website (but not its bureaux de change) can't be beaten! PS: Don't forget to hunt down great travel insurance, too -- see Don't Trip Up When You Travel! More: Pay for your holiday with a 0% credit card or Best Buy personal loan!
We're going where the sea is blue.
We've seen it in the movies.
Now let's see if it's true."
* Lloyds TSB does not recommend euro travellers' cheques.
