Travel Money Mystery Shop | 9.61% Markups added by 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 | 1.1792 | 707.52 | 1.1942 | 1.25 |
| Moneycorp - Online | 1.1733 | 703.98 | 1.1942 | 1.75 |
| Travelex - Online | 1.1693 | 701.58 | 1.1942 | 2.08 |
| Natwest - High Street | 1.1434 | 686.04 | 1.1942 | 4.25 |
| Barclays - High Street | 1.1309 | 678.54 | 1.1942 | 5.30 |
| Travelex - Heathrow | 1.0826 | 649.56 | 1.1942 | 9.34 |
| Moneycorp - Gatwick | 1.0794 | 647.64 | 1.1942 | 9.61 |
Key Findings
It has been proven by our desk research that Airport Currency Bureaus remain the most expensive place to buy travel money adding mark-ups of nearly 10%
- Independent research shows Airport Bureaus apply markups of over 10% away from the real interbank exchange rate
- Airport Bureaus remain the most expensive place to buy your travel money, adding mark-ups of up to 9.61%
- 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
- 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 1.5% away from the interbank exchange rate giving you the best deals.
- 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 8:15am-8:30pm, 26th November 2013
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Written by Sofia Kluge on Google+
