Foreign Exchange

Why it doesn’t pay to stick to your bank.

Every bank on the high street will jump at the chance to help if you want to convert a decent amount of money into a foreign currency and move it overseas. If you want to make regular payments they will be equally happy, because in both cases they will earn a small a fortune in charges if the deal goes through. For a start they will probably charge a percentage of the amount in commission, with typical rates currently around 2 per cent. Then they’ll probably charge a flat transfer fee for pressing the button and moving the money abroad. The cheapest fee you’re likely to face is around £20 but with many banks it will be at least £40.



Foreign currency from Poland 'fastest riser'

Foreign currency from Poland is the fastest growing tender purchased in the UK, according to new figures.

Data from the Post Office reveals that sales of foreign currency from the former eastern bloc country have nearly doubled those of last year.

Post Office head of travel services Kevin McAdam said that new low-cost flights between the UK and Poland, in addition to a large group of immigrants living in Britain, have helped fuel the rise.

"While the bulk of travellers may be Poles flying between the UK and Poland, our branches have reported a big increase in demand for the Polish Zloty by UK holidaymakers," he commented.

"Flights and accommodation are cheap and costs are low in cultural centres like Warsaw and Krakow, which have shed their communist cloaks to become vibrant modern cities."

Bulgaria and Croatia are in third and fourth place respectively on the foreign currency list, followed by China, Egypt and Dubai.

Mr McAdam explained that the upcoming Olympic games in China mean that foreign currency sales are expected to soar in the coming year.

Poland joined the European Union in 2004.

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