'Postcode lottery' for changing cash

By THIS IS MONEY
Updated:

 

HOLIDAYMAKERS are being charged wildly different foreign exchange rates depending on where they live. Thomas Cook has been found marking up its rates by up to £7 in London and Edinburgh. And while firms such as American Express and Travelex offer the best deals to those living in the capital, they charge customers more in Edinburgh and Manchester.

Marks & Spencer Financial Services found there was a 'postcode lottery' and advised people to shop around. While buying $500 from a Thomas Cook in Edinburgh costs £362.71 and £360.14 in London, it costs £354.61 in Cardiff. The fee for changing money also varies.

The survey found only banking group HSBC and M&S's own exchange service offer the same rates at all branches. But Thomas Cook said: 'We ensure our exchange rates are competitive on each High Street.'

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