The strength of the euro is one of the reasons why many of us are either travelling further afield or keeping our holidays domestic this year. Nevertheless, thousands of Brits still headed for the airport as soon as the schools closed for Easter to soak up some sun in a European resort.

No doubt they searched carefully for the best deals on currency to keep costs down, but according to a recent Daily Mail article, those impressive ‘nil commission’ offers could be concealing all sorts of hidden charges to leave you out of pocket.

FairFX.com, which sells foreign currency over the internet, has published research revealing that many firms, including high street banks and bureaux des changes, are making substantial profits by providing really poor exchange rates. FairFX.com has now called on the Office of Fair Trading to investigate what looks like a deliberate attempt to mislead travellers.

So how do you get the best rate on your euros, or any other type of currency for that matter? Sophie Butler of the Telegraph recommends buying online from suppliers like travelex.co.uk that don’t have to cover hefty rent and staff overheads and will match a better rate if you find one elsewhere (watch out for the delivery charges though). She also found that attempting some face-to-face negotiation can be worthwhile – just indicate that you’ve been comparing rates and mention if you’ve spotted a cheaper offer.

Media money –saving pundit Martin Lewis says the best way to spend money abroad is on the right debit or credit card. A bit of research is required here too, to make sure you don’t use one that charges you heavily every time you use it. The worst ones can take 3% commission, £3 for a cash withdrawal, plus a higher rate of interest the moment you withdraw cash. The best ones offer the standard Visa or MasterCard wholesale currency exchange rate with no charges.

Whichever method you opt for, it’s definitely a good idea to check out a few different quotes if you can, and if a special offer looks tempting, ask about charges and rates or read the small print before parting with a penny.

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