Good deals on the Dollar

With the current favourable dollar pound exchange rate, many people may be considering a trip to the USA.

However, following a recent investigation by Trading Standards, into the exchange rates available at a number of high street outlets, the advice is to shop around for the best deal.

Jimmy Hughes, Trading Standards said: “Our survey, based on an exchange rate for £500, revealed that there are variations, depending on where you go for your dollars. We found a differential of $27 in the best and worst exchange rates, which ranged from $972 to $945.

“All companies in our survey displayed the correct exchange rate but some imposed a transaction charge. Making a comparison can therefore be very difficult without a calculator. The best approach is therefore to ask how many dollars you can buy for the amount of sterling that you want to exchange.

“Shopping around and asking what you get for your money, is definitely worthwhile.”

Trading Standards also advise that it may be worthwhile considering the use of a credit card used when abroad, as the joint liability on credit cards here in the UK, also apply to transactions in the USA.

Mr Hughes continued: “It is a great idea to use a credit card in the States, as the laws protecting consumers there are very similar to those we have here. The goods simply have to cost at least £100 (or around $220 at current rates).

“Many shops offer generous return policies so ask in store about their exchange policy but be careful of notices that state all deals are final.

“It is important however, that you always check the rules on your credit or debit card before travelling. While some companies offer favourable deals for foreign transactions, others impose a levy, so be sure you know what your card is offering you. This check may take a bit of time, so don’t leave it until the last minute.”

A traveller’s information pack is now available, with general information and helpful web addresses for advice on travelling abroad. Call Consumerline on 0845 600 62 62 now for further details.

NOTES TO EDITORS:

Media enquiries to DETI Press Office, Tel: 028 9052 9604.