The Office of Fair Trading (OFT) has announced a series of measures to improve the foreign currency market for travellers after securing an agreement from banks and travel money providers.
People planning a Kenya safari could soon find it easier and cheaper to change their money into Kenyan shillings after a number of banks agreed to scrap charges for consumers using their debit cards to purchase foreign currency in the UK.
Travellers can also expect clearer and more accessible information about the charges for using cards abroad, while some bank statements will also display the charges incurred by customers.
The measures have been welcomed by Consumer Focus, which launched a super complaint on travel money earlier this year. It claimed that fees are opaque and difficult to calculate.
Mike O'Connor, chief executive of Consumer Focus, commented: "It is particularly welcome that the OFT has worked with the big banks to stop withdrawal fees being charged when people buy currency on their card in the UK. It is only right that this unfair cost, which effectively charges customers for the privilege of taking money out of their own account, is stopped."