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Some exchange rates found to be “unfair“

Currency exchange providers have been accused of being “unfair”, after it was revealed that some companies are offering different rates at branches across the UK.

A survey by Which? discovered that there is sometimes a difference of up to 30 euros (£24) being offered by the same provider in different cities, in exchange for £500.

The survey also showed that some retailers were offering identical rates across the UK.

Due to the eurozone crisis, the pound has strengthened the euro, and the latest prices saw the exchange rate for travellers reaching about one euro and 21 cents for a pound.

This is not the case across the whole country however.

Commenting on the study, Richard Lloyd, Which? executive director 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.

“Currency providers need to make sure their rates are consistent to ensure a fair deal for everyone.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .