Consumers could save millions after travel money review

Updated
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People buying travel money in the UK with a debit card could save millions of pounds every year following an Office of Fair Trade investigation into hidden fees, consumer groups say. Britain's main highstreet banks have agreed to stop charging customers a cash withdrawal fee for using debit cards to buy currency in the UK.

This means that from the end of 2012, consumers can use their debit cards to buy foreign exchange or travellers' cheques from banks, bureaux de change, the Post Office and travel agents and know there aren't any hidden charges simply for paying on a card, Consumer Focus said (there are no fees for changing money in cash). Its super-complaint on sneaky foreign exchange charges – typically ranging from 1.5% to 2% - prompted the OFT's review.

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