By Travelmail Reporter
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Holidaymakers are losing out on as much as £25 in currency exchange rates depending on where they live, according to a consumer group.
Which? found 'significant' regional variation in the amount of euros it was offered for a £500 exchange between branches of the same provider across 10 UK locations on a single day in March.
Thomas Cook and the Post Office, the UK’s largest high street foreign currency supplier, showed the biggest regional variants, it found.
'Unfair': Which? said people are missing out on the best currency exchange rates because of where they live
At the latter, researchers were offered 578.50 euros in London and Glasgow, dropping to 565 euros in Birmingham, Haverfordwest and Sheffield.
Meanwhile, Thomas Cook's rates differed even more, offering its best total of 585 euros in Sheffield and its lowest of 553.80 euros in Manchester, a difference of just over £25 - potentially enough to pay for a taxi to or from the airport.
However Marks Spencer offered the same rates nationwide and Sainsbury's showed no significant regional variation.
There was some variation between branches of Asda and Tesco, but this was not common, Which? said.
A Thomas Cook spokesman said that its rates are determined by branch managers in order to rival those offered by local currency providers.
Report: Researchers found a difference of just over £25 for Thomas Cook's highest and lowest exchange rate
He said: 'To ensure they're offering some of the best rates, our foreign exchange bureaux in our stores are able to offer local rates that compete with other high street currency providers. For our best rate, we recommend reserving online for either home delivery or collection in store.'
And the Post Office said that while the 'vast majority' of its 11,500 branches offered the same rate, it can vary in a number of branches to ensure competitive pricing.
Andrew Brown, Post Office head of travel money, said: ‘In around 400 of our branches, in areas where several foreign currency providers compete, we have made some small adjustments to t he rates offered to ensure customers continue to get the best possible deal.’
Which? also found significant differences in the rates offered by online and central London foreign currency providers over an eight-week period, making it vital for consumers to shop around for the best deal, the watchdog said.
Online provider ICICI quoted an average of 587.15 euros compared to HSBC's average online rate of 562.78 euro, a difference of almost four per cent - or as much as £21 on a £500 exchange.
Which? executive director Richard Lloyd said: 'While we understand that local competition may play a part in the rates set, it is unfair that people are missing out on the best currency exchange rates just because of where they live.
'Holidays don't come cheap and these anomalies don't help hard-pressed consumers. Currency providers need to make sure their rates are consistent to ensure a fair deal for everyone.'
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