Travel Money Mystery Shop | Get an extra €62 by buying online
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MyTravelMoney.co.uk Mystery Shop
| £600 worth of €uros | Exchange Rate | Amount of € | Mid Market Rate | % Margin applied by provider |
|---|---|---|---|---|
| TravelFX - Online | 1.1702 | 702.12 | 1.1831 | 1.09 |
| Moneycorp - Online | 1.1613 | 696.78 | 1.1831 | 1.84 |
| Travelex - Online | 1.1550 | 693.00 | 1.1831 | 2.38 |
| Natwest- High Street | 1.1280 | 676.80 | 1.1831 | 4.66 |
| Barclays - High Street | 1.1232 | 673.92 | 1.1831 | 5.06 |
| Travelex - Heathrow | 1.0693 | 641.58 | 1.1831 | 9.62 |
| Moneycorp - Gatwick | 1.0668 | 640.08 | 1.1831 | 9.83 |
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
- 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 12:00pm-12:30pm, 16th October 2013
Written by Sofia Kluge on Google+
