Which? Money advises caution over online currency exchange

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Which? Money advises caution over online currency exchange

Wed 19th Aug 2009

Which? Money has warned people to watch out for hidden costs if they decide to use an online service to purchase foreign currency.

Dan Moore, a senior researcher at the consumer watchdog, advised that while the exchange rates can be more competitive when purchasing currency using the internet, there can be a delivery charge and a card transaction fee involved.

He stated that unless your credit or debit card is a Maestro card, then you will end up paying between 2.5 per cent and 2.75 per cent as a cash handling fee, so buying travel money using cash is usually a good choice.

"Get cash out of a hole in the wall in the UK, walk across the road to any of the exchange bureaus and pay in cash," he said.

Mr Moore also noted that, while a bureau de change may charge to have currency delivered to your door, it could cost nothing to have it sent to a nearby branch.

Research from FairFX.com indicated that 62 per cent of people would never use a company again if they discovered a hidden cost after changing money with it.

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