“The OFT have done a great job by getting 5 of the biggest UK banks to agree to scrap debit card charges for purchasing foreign currency whilst in the UK. It is important that consumers keep a close eye on the banks exchange rates in light of this news to make sure they do not try and pass those charges back in the way of less competitive rates in future.”
“The OFT has also gained assurances from travel money providers that they will review their marketing of travel money to make it more transparent in light of this report. Amongst those is the Post Office who currently use ‘0% commission’ advertising in store and online, where 60% of all consumers get their travel money from. It will be interesting to see if they continue to use that form of advertising. Our own survey showed that 93% of consumers found ‘0% commission’ advertising to be misleading and would like to see it banned.”
“Over the last 5 years, we have launched our own complaints to the OFT, ASA and alerted the national press to the less scrupulous advertising tactics imposed by some companies operating in the travel money sector. With other travel money providers adopting new clear and transparent advertising, consumers stand to make significant savings. Today’s news is definitely a step in the right direction.”
“Overall, the OFT’s investigation into the travel money sector has been a great success. In light of their recommendations, some travel money providers will have to be more transparent with their fees and adopt a new approach to how they advertise and market their services. Consumers stand to gain significantly in light of this as they can will now be able to compare travel money providers more easily.
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