Currency Exchange Company Voted Best For International Travelers

Caxton FX has been voted No 1 for best holiday money deals, according to a report released today.

The company, who offers their services through the telephone, bureau de change and prepaid cards, are top for giving their customers the best value for money.

In the survey, conducted by consumer champions Which?, Caxton FX scored 89% for value for money and customer services. The survey of over 6,400 Which? members came to the conclusion that the Caxton FX travel money service was “quick and efficient” and offered “better service than the banks.”

They beat off tough competition from Sainsbury’s Finance, who were second best with a satisfaction rate of 80 per cent while ICE came in third with a 79per cent score. The survey showed that most people cash their foreign exchange at the Post Office, who scored 74 per cent in the satisfaction stakes.

Which? travel expert Dan Moore said: ” ‘Shopping around for the best currency deal is worthwhile, but it’s equally important to think about how you pay for your holiday money. “Many debit and credit cards charge an extra fee for foreign currency purchases, even when you buy currency before travelling. This fee can easily wipe out any exchange rate benefit gained from shopping around. It’s best to pay for foreign currency by cash wherever possible.’

With many people looking forward to their holidays over the next few weeks, Which? have also issue a series of do’s and don’ts when it comes to foreign money matters. Their top advice is to never exchange money at the airport. The exchange rates are not competitive as they have a “captive audience” so feel no reason to offer incentives or bargains. They also feel the best place to order foreign money is on-line. Some currency dealers allow you to pick your money up at the airport while enjoying better currency rates. But it is also important to shop around and not be afraid to haggle over exchange rates.

And the last piece of advice from Which? is to pay for currency with cash where possible to avoid credit card charges.

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