Holders of UK credit cards purchasing foreign currency for a trip abroad struggle to find the best deal due to unclear marketing phrases, one body has claimed.According to Consumer Focus, money providers use phrases such as zero per cent commission and competitive exchange rates, which can make it difficult for those wanting to convert sterling to compare prices.The body argued some foreign currency suppliers incorporate mark-ups into their exchange rates, meaning deals are not actually fee-free.Consumer Focus has submitted a complaint to the Office of Fair Trading and chief executive of the body Mike OConnor said “poor transparency” is causing buyers to miss out on the best deals.”Converting £500 into euros can cost from under £10 to over £30, depending on where you switch your money,” he noted.Recent Halifax research showed 71 per cent of people rely on cash while overseas, however almost a third opt to use their credit card while on holiday – a seven per cent increase over the past five years.
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