High street exchange rates are "less competitive"

Brits heading overseas may get better foreign exchange trading deals if they avoid high street currency providers, industry experts suggest.

Online comparison service moneysupermarket.com recently highlighted the importance of searching for favourable exchange rates due to the strengthening euro.

In order to find the best deals, Brits have been advised to buy their foreign currency ahead of their trip and consider providers other than retail outlets and banks.

Peter Harrison, finance expert from the company, said: "What you normally see is that your high street retailers and mainstream banks do actually have a greater margin.

"You get a less competitive exchange rate than you can get elsewhere."

Figures from Forex recently revealed that the pound fell to its lowest level since April, with one euro equal to 91p.

In other news, Bank of England governor Mervyn King has stated his belief that the weak pound can aid the recovery of the UK's economy, as overseas investors and visitors may take advantage of exchange rates.

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By John Mills