Travel money stealth charges could hit 20 million people

Travellers could be worse off by €138 (£119) through hidden travel money stealth charges, according to new research.

Those seeking travel money should be wary about the plethora of “free commission” deals, according to new research from FarFX.com, the leading foreing currency provider.

The “free” deals may not turn out to be as good as they seem.

FairFX found that travellers could be paying as much as €138 in hidden charges, even though they believe that their currency purchases are “commission free”.  Some of the stealth charges include:

• Non usage fees
• Cross-border fees
• Poor exchange rates at many airports
• Misleading guarantees

FairFX is calling upon the travel money industry to clean up its’ act.  As Stephen Heath, Chief Executive of FairFX.com, advises: “Opaque or hidden charges in the travel money sector are frequently misleading and also remove a consumer’s right to make an informed choice.

“Consumers should watch out for the worst misleading practices which could cost them dearly. Practices like advertising 0% commission but offering a poor exchange rate instead, quoting a competitive rate online, but not matching it in store; charging a hidden service fee are all stealth charges by any other name.”

To learn more about currency cards, read our article “Currency cards – are they the best option for travel money?”.

MoneyHighStreet also has a special reader offer with FairFX.

You can get a FREE FairFX currency card – just sign up and load it with €10 and get the card free – it usually costs £9.95.