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Moneyfacts: Compare holiday money deals carefully - 17/05/2006

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Consumers should shop around for the best foreign money deal, even if the process is time consuming, advises Moneyfacts.

The website says that consumers who do not know the exact ins and outs of their holiday money arrangements should make sure that they do so before setting off.

Adding up charges that can vary from day to day often confuses travellers, says Lisa Taylor of Moneyfacts.

"When looking for the best deal, not only do you have to consider the commission charge, but also the exchange rate, which changes on a daily basis.

"Even if you took the time to search the market, calculated the total costs, by the next day, chances are the same deal could not be found again."

In its own survey of high street providers, Moneyfacts found that less obvious choices such as Marks and Spencer and the Post Office fared better against banks and travel companies.

Internet searches may yield better deals, but with the added costs of delivery from some providers, said Ms Taylor.

While many travellers still use traditional methods such as travellers' cheques and credit cards, some may prefer to take advantage of the growing number of pre-pay cards now available on the market.

Exchange rates are frozen at the same time as the card is topped up, meaning that consumers may be less vulnerable to currency fluctuations.

These cards carry their own charges, however, with some providers charging customers who do not use their cards for prolonged periods of time.

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