MyTravelMoney.co.uk Mystery Shop
| £600 worth of €uros | Exchange Rate | Amount of € | Mid Market Rate | % Margin applied by provider |
|---|---|---|---|---|
| Travel FX - Online | 1.1922 | 715.32 | 1.2076 | 1.27 |
| Moneycorp - Online | 1.1860 | 711.60 | 1.2076 | 1.79 |
| ICE - Online | 1.1884 | 713.04 | 1.2076 | 1.59 |
| Natwest - High Street | 1.1488 | 689.28 | 1.2076 | 4.87 |
| Barclays - High Street | 1.1369 | 682.14 | 1.2076 | 5.85 |
| Travelex - Heathrow | 1.0918 | 655.08 | 1.2076 | 9.59 |
| Moneycorp - Gatwick | 1.0901 | 654.06 | 1.2076 | 9.73 |
Key Findings
The Pound to Euro exchange rate currently stands at an 11 month high at 1.20764 GBP/EUR. To make the most of these hot rates, our research has shown that online remains the best place to buy your Euros, with Airport Bureaus consistently adding very high mark-ups.
- When buying travel money, the exchange rate is the key indicator to obtaining the best value on your chosen currency
- High Street banks offer poor exchange rates adding mark-ups of between 4-6%, a significant amount on top of the true mid-market exchange rate
- Airport Bureaus remain the most expensive place to buy your travel money, adding mark-ups of up to 9.73%
- Banks and airports that offer 0% commission do not exist and should not be bought in to, they are purely a marketing gimmick
- The fairest and cheapest way to obtain your currency is by comparing deals with an online currency specialist as they will only tend to add markups from as little as 1.2% away from the interbank exchange rate giving you the best deals.
Sofia Kluge, web editor at MyTravelMoney.co.uk comments, “With the Pound Euro exchange rate at such a high, it is the perfect time to buy Euros for that city break you might have coming up. If you undertake regular trips to the Eurozone it is also a great time to load up a Prepaid Currency Card to lock in these fantastic GBP/EUR exchange rates.”
Mystery Shop data collated is true to live recordings of rates: 2:15pm-2:30pm, 3rd December 2013
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Written by Sofia Kluge on Google+
