Many people are operating on limited budgets these days and so it is important that they are able to benefit from the best exchange rates. Whether they want to transfer money abroad, access money to spend while overseas or anything else, getting a good deal is crucial.
With this in mind, consumer campaigning organisation Which? recently drew attention to the fact that if individuals are not careful, they can end up getting a worse deal on exchanges of this kind simply because of where they live.
It noted that some firms engage in regional pricing and this was leading to considerable differences in the exchange rates being offered.
Commenting on the topic, Which? executive director Richard Lloyd said: “While we understand that local competition may play a part in the rates set, it is unfair that people are missing out on the best currency exchange rates just because of where they live.
“Holidays don’t come cheap and these anomalies don’t help hard-pressed consumers. Currency providers need to make sure their rates are consistent to ensure a fair deal for everyone.”
Meanwhile, speaking to Sky News, Travelsupermarket’s Bob Atkinson explained why regional pricing occurs. He said: “It’s really in local situations where you have a slightly different mix on any high street of who is going to offer the best possible rate. So if somebody comes in and offers an incredible deal, someone else is going to go in and match it.”
These days, consumers do not have to rely on high street providers when they are keen to transfer money abroad. To benefit from the best exchange rates, many individuals are heading online. This can help ensure they get the best deals.
As long as they are careful and make sure they choose a reliable firm that they can trust, they should benefit from favourable outcomes.
For more information please visit – www.currencies.co.uk
