Brits should "plan" foreign exchange transactions

Brits moving abroad may miss out on cheap foreign exchange services because they do not have a firm understanding of currency rates, according to industry experts.

Stephen Heath, finance commentator, recently explained that as economies alter it can be difficult to work out which foreign exchange facilities offer affordable deals.

The expert advised expats looking to change their money to research in advance the rates available from money changing services.

"Part of the problem is that people don't understand exchange rates," said Mr Heath.

"The issue is that the underlying price is moving around all the time so it makes the comparison a lot more difficult."

Mr Heath indicated that internet foreign exchange services may become more popular as people seek to find affordable commission rates.

In other news, an investigation by Which? Money recently revealed that online currency changers offered some of the best deals.

Click here to find out how much you can save with HiFX's Foreign Exchange services.

By Linsey Summers