Ever since Jesus expelled them from the Temple, money changers have not enjoyed the best of reputations and the introduction of the euro last year has done little to enhance the esteem in which they are held.

The European Commission's announcement that it was investigating financial institutions across the euro zone for suspected price fixing regarding the sale of foreign exchange has further fuelled suspicion among consumers about their practices. Many now believe that instead of lowering charges, as initially promised, the banks have simply taken advantage of the advent of the new single currency to conspire to rip them off.

The locking of the euro currencies' exchange rates in January 1999 was expected to result in a cheaper and more transparent charging structure for those buying and selling foreign exchange.

Under the old system - which still applies to currencies outside the euro zone - consumers were charged commission and a bid/ offer spread or the difference between the rate at which the banks bought and sold the foreign currency.

But the fixed exchange rate regime means consumers now face a single commission charge. Unfortunately, this is higher than it used to be. The banks justify the increase in commission with the need to cover costs such as transport, administration and security which had previously been covered by the combination of commission and spread.

Whether the banks are operating a cartel to fix foreign exchange fees and reduce competition is now subject to close scrutiny at EU level. Commission anti-trust officials kicked off their investigation by raiding eight leading banks in Germany, France, Spain and Italy last February to see if they could find evidence of fixing of fees.

In October, this was followed by surprise inspections at Dutch, Belgian and Irish financial institutions, including both AIB and Bank of Ireland.

Next month, the Commission is expected to start legal proceedings against several banks on foot of its findings and it remains to be seen whether the two Irish institutions feature among them.

However, spokesmen for both Irish banks have said they would be very surprised if action were taken against them.

A random survey by The Irish Times of a number of leading foreign exchange providers in Dublin's city centre found there were differences in the rates on offer and that it was still worth while for consumers to shop around as some banks provided better value than others.

The commission rates charged varied from bank to bank as did the levels at which they applied and the minimum and maximum charges all transactions were subjected to.

Of the five banks surveyed, National Irish Bank (NIB) came out on top of the pile with the lowest commission rate on offer. It charges just 2 per cent to buy and sell notes in other euro currencies while a similar charge applies to travellers' cheques. However, all transactions are subject to a maximum charge of £40 (€50.79) and a minimum charge of £2 which means a customer must be exchanging at least £100 to avail of the 2 per cent rate.

Bank of Ireland and Ulster Bank also offer a competitive charging structure. Bank of Ireland's branch on College Green was charging commission of 2.25 per cent to buy and sell notes in other euro currencies for amounts of less than £700. For sums over and above this amount, the charge falls to 1.5 per cent. The minimum charge, at £1, is also the lowest on offer among all the institutions surveyed.

Across the road, Ulster Bank also charged 2.25 per cent for buying or selling euro notes, subject to a minimum charge of £2.

To buy travellers' cheques, the bank was charging just 1 per cent although this was subject to a minimum charge of £3. To sell cheques, the charge was 2.5 per cent with no limits.

At the top of the range among the banks surveyed was AIB with a commission charge of 3.5 per cent on both notes and travellers' cheques, up to a value of £500, subject to a maximum charge of £15. For those exchanging amounts between £500 and £2,500, the commission charged drops to 2.5 per cent but there is a minimum charge of £15.

TSB is just ahead of AIB, charging 3 per cent to buy and sell notes and travellers' cheques, subject to a minimum charge of £2.

The banks are generally more competitive than the bureaux de change which have to pay an additional fee to get the cash from the banks in the first place.

Thomas Cook, for instance, charges a handling fee of 4 per cent on all euro currencies, reflecting, in part, the cost of buying in the notes from the banks. Interestingly, the travel agent currently sells dollars for less than euro currencies.

For those who can live without a stash of cash when they go abroad, credit probably remains the most cost-efficient way of travelling in the euro zone.

Since the euro was launched in January 1999, the cross-border handling fees involved in using your credit card for purchases made in the euro zone have been abolished by many providers including the two main banks.

An equally effective method of accessing cash abroad may be to lodge money to your credit card account before you go away. Once it's in credit, customers with certain providers can withdraw cash overseas - subject to the usual daily limits - free of charge.