Holidaymakers could save by searching of foreign currency deals'

People planning on jetting off on holiday this summer could be wasting money by not searching for the most competitive deals on their foreign currency, a consumer website has warned.

The site, Moneyfacts.co.uk, looked at the different rates and charges levied by various companies which offer foreign currency. It discovered that people could save as much as £20 on their transaction by looking around for the best deal.

"With peak holiday season fast approaching many of us will be spending time searching for the most competitive travel package, insurance, flights or car parking. But one area we seem to neglect is our travel money," explained Lisa Taylor from Moneyfacts.

"This year travellers will find an abundance of commission free currency deals, with only a handful of branch and telephone services charging an upfront commission fee.

"However this now makes the exchange rate the key factor in determining the best deal. It is something that is not easily searchable without trawling individual providers' websites or even more time-consuming, making phone calls or visits to the branch."

Ms Taylor added that it was now vitally important that holiday makers looked "beyond their own bank or local travel agent and take the time to shop around".