Friday, 25 May 2012

Holiday exchange rate 'postcode lottery'

A survey by Which? has found that there are wide variations in the rate of exchange dependent on which part of the country you live in.

The worst offenders were Thomas Cook and the Post Office with some differences as much as £25 on a transaction of £500 into Euros. The report focused on exchange rates in 10 locations across the UK including Birmingham, London, Glasgow and Norwich with Thomas Cook, the Post Office, Marks & Spencer, Tesco, Sainsbury's and Asda being the focus of the survey.

The main differences found were when Which? was offered €585 by Thomas Cook in Sheffield but were then offered €554 at Thomas Cook in Manchester. When calculating the difference between Post Office branches Which? was offered €578.50 at branches in London and Glasgow but the amount fell to €565 in Birmingham.

When questioned about the differences, Thomas Cook and the Post Office both said that they have flexible rates in order to compete (or not) with local competition.

M&S were the only operated to offer standard rates nationwide whilst Tesco, Sainsburys and Asda were found to have small differences across its stores.

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