Travel Money Mystery Shop | Get an extra €62 by buying online

Travel Money Mystery Shop | Get an extra €62 by buying online Mystery Shop

£600 worth of €urosExchange RateAmount of €Mid Market Rate% Margin applied by provider
TravelFX - Online1.1702702.121.18311.09
Moneycorp - Online1.1613696.781.18311.84
Travelex - Online1.1550693.001.18312.38
Natwest- High Street1.1280676.801.18314.66
Barclays - High Street1.1232673.921.18315.06
Travelex - Heathrow1.0693641.581.18319.62
Moneycorp - Gatwick1.0668640.081.18319.83

Key Findings

  • The most expensive place to buy your travel money is airport bureaus, adding mark-ups of up to 9.83%
  • Banks and airports that offer 0% commission do not exist and should be largely ignored
  • 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
  • When buying travel money, the exchange rate is the key indicator to obtaining the best value on your chosen currency
  • 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 12:00pm-12:30pm, 16th October 2013

Written by Sofia Kluge on Google+


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