Travel Money Mystery Shop – Lose 60 Euros to Airport Bureaus
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MyTravelMoney.co.uk Mystery Shop
| £600 worth of €uros | Exchange Rate | Amount of € | Mid Market Rate | % Margin applied by provider |
|---|---|---|---|---|
| Travel FX - Online | 1.1742 | 704.52 | 1.1901 | 1.34 |
| ICE - Online | 1.1710 | 702.60 | 1.1901 | 1.60 |
| Moneycorp - Online | 1.1699 | 701.94 | 1.1901 | 1.70 |
| Natwest - High Street | 1.1385 | 683.10 | 1.1901 | 4.34 |
| Barclays - High Street | 1.1338 | 680.28 | 1.1901 | 4.73 |
| Moneycorp - Heathrow | 1.0759 | 645.54 | 1.1901 | 9.60 |
| Travelex - Gatwick | 1.0741 | 644.46 | 1.1901 | 9.75 |
Key Findings
The cheapest and fairest way to obtain your currency is by comparing deals with an online currency specialist. They will only tend to add markups from as little as 1% away from the interbank exchange rate giving you the best deals.
- Airport Bureaus remain the most expensive place to buy your travel money, adding mark-ups of up to 9.75%
- Banks and airports that offer 0% commission do not exist and should not be bought in to
- When buying travel money, the exchange rate is the key indicator to obtaining the best value on your chosen currency
- High Street banks have poor exchange rates adding mark-ups of between 4-6%, a significant amount on top of the true mid-market exchange rate
- Independent research shows Airport Bureaus apply markups of over 10% away from the real interbank exchange rate
- MyTravelMoney.co.uk desk research finds that buying online is substantially cheaper than buying at the airports
Mystery Shop data collated is true to live recordings of rates between 10:00am-10:15am, 19th November 2013
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Written by Sofia Kluge on Google+
