Save on changing holiday cash

Mac Kotecha & Co.

Lichfield House

2 Lichfield Grove

London N3 2JP

Tel: 020 8346 0391

Fax: 020 8343 4227

E-mail:

mac.kotecha@virgin.net (Mac) anil.kotecha@virgin.net (Anil) priya.kotecha@virgin.net (Priya)

OM18- Save on changing holiday cash

With the peak holiday season rapidly approaching, now seems like a good time to remind you of the importance of shopping

around for your foreign currency.

In theory, you need to take the following into account:

the exchange rate, which usually changes daily (for example, at present, £1 buys around 1.4 euros or 1.8 US dollars);
the commission charge, which can vary from 0% to 2% of the value of the transaction; and
any handling or delivery charges.

For example, independent financial researcher Moneyfacts has just reviewed the foreign-currency deals on offer from ten of the UK's leading branch-based providers. Here's are the top three and worst three providers in four categories:

How much does it cost to buy a thousand US dollars?

Provider	For $ notes (£)
Marks & Spencer	547.05
Thomas Cook	547.05
Halifax	553.06
Royal Bank of Scotland	569.14
NatWest	571.94
HSBC	579.54
Average of ten providers	559.55
Difference between best and worst	32.49

We take great pride in our service, and would be delighted to invite you for a free 1 hour, no obligation meeting at our comfortable offices. Simply call us on 020 8346 0391 to arrange a mutually convenient time.

This web-site was last updated on 13/06/2008

Copyright © 2003-2008 Mac Kotecha & Company. All rights Reserved. The information on this site is for general guidance only. It is essential to take professional advice on specific issues about their impact on any individual or entity. No liability can be accepted for any errors or omission or for any person acting or refraining from acting on the information provided on this site.