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First Choice gives best deal on foreign exchange, says Which? survey

(25 June 2008)

First Choice has been named the cheapest place to convert foreign currency, beating the Post office and HSBC for value for money.

A report from consumer watchdog Which? said First Choice charged £260.42 for $500, while Marks and Spencer came second charging £260.69.

Thomas Cook was the most expensive place to change money, with holidaymakers paying £274.73 for $500. Going Places was second most expensive charging £267.56, and HSBC came in third cheapest at £261.10.

Which? money editor Martyn Hocking said: "We often spend ages finding a great value holiday, but then forget about getting the best deal when it comes to our spending money."

Which? warned customers to shop around before buying foreign currency at home. While abroad, the watchdog recommended using credit and debit cards to pay for big purchases. Nationwide, the Post Office and Thomas Cook were named the best value credit cards.

By Chloe Berman