Travel News > May 2009 > Beware of buying currency and holiday insurance with your duty-frees

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Beware of buying currency and holiday insurance with your duty-frees

26/05/2009

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Holidaymakers who wait until they arrive at the airport to buy foreign currency are likely to get a rubbish deal, according to a recent report by consumer group Which? The same goes for those who buy travel insurance in a rush, at the last minute.

Which? checked exchange rates for 500 euros and U.S 0 at 21 currency providers, including banks, bureaux de change, travel agents and online agents. It found that costs varied by almost £50 between the cheapest and the most expensive.

The best currency provider was high street bureau de change Eurochange and the most expensive was an airport branch of Travelex, which charged £47 more for 500 euros and £40 more for 0.

Generally speaking, airport bureaux de change, including American Express and Travelex, are less competitive than other agents as they continue to charge commission. Most high street agents, banks and online agents do not.

Which? points out that holidaymakers buying currency at the airport are a captive market. For the best deal, travellers should give themselves time to shop around and compare rates.

When it comes to travel insurance, Which? advises holidaymakers not to buy from travel agents – either at an airport or on the high street - but instead to choose from its list of Best Buys, one of which is the insurewithease Silver policy for families.

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