Finding the best foreign currency deals on the high street can be difficult and time consuming but a new survey reveals the savings that can be made between different providers.

Research by moneyfacts.co.uk revealed the majority of travel money providers offered currency commission free but rates for sterling travellers cheques ranged from nought per cent to two per cent commission.

A few banks, including the Co-operative bank, Lloyds TSB and NatWest, offered everything commission free compared with HSBC which charges two per cent on all foreign currency services with its standard account.

"When looking for the best deal, not only do you have to consider the commission charge, but also the exchange rate, which changes on a daily basis," said Lisa Taylor from moneyfacts.co.uk.

"Even if you took the time to search the market, calculated the total costs, by the next day, chances are the same deal could not be found again."