The Financial Regulator has found that foreign exchange providers are generally complying with rules covering charges for changing currencies.
The regulator carried out a 'mystery shopping' examination of 100 outlets from nine providers - five financial institutions and four bureaux de change.
It focused mainly on the costs to consumers of converting euro into sterling and US dollars, and converting these currencies into euro. The regulator found a 'high level of compliance' with the rules, but identified some issues which it will address with some providers.
These included instances where currency rate boards were not on display, not clearly visible or not regularly updated. The regulator also found cases where commissions charged were not disclosed in advance to customers.
