FairFX.com: People do not understand exchange rates

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FairFX.com: People do not understand exchange rates

Although they may shop around for deals and use bureaus de change to convert their pounds into euros, dollars and bhat, Brits do not generally have an extensive understanding of the ins and outs of exchange rates.

This is the view of internet-based foreign currency exchange service FairFX.com, whose chief executive Stephen Heath explained that this is understandable for various reasons.

"The issue is that the underlying price is moving around all the time so it makes the comparison a lot more difficult," he said.

Bureaus de change, especially those at airports, therefore charge people more on the basis that they do not know the full workings of the rates, Mr Heath added.

Furthermore, the professional stated, leaving conversions until the last minute only exacerbates problems with overcharging as airports are often seen as the "last opportunity" for rushed travellers.

Those who are about to jet off on holiday should change their cash at Eurochange, as is is the place to go for the best exchange rates, according to research conducted by Which?.

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