Airports give up to €40 less than online currency providers
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MyTravelMoney.co.uk Mystery Shop
| £600 worth of €uros | Exchange Rate | Amount of € | Mid Market XE rate | % Margin applied by provider |
|---|---|---|---|---|
| TravelFX | 1.130 | 677.700 | 1.143 | 1.164 |
| ICICI Bank | 1.127 | 676.080 | 1.143 | 1.400 |
| Moneycorp | 1.127 | 675.900 | 1.143 | 1.426 |
| NatWest | 1.099 | 659.400 | 1.143 | 3.833 |
| Barclays | 1.084 | 650.220 | 1.143 | 5.172 |
| Travelex - Heathrow Departures | 1.065 | 639.000 | 1.143 | 6.808 |
| Moneycorp - Gatwick Departures | 1.062 | 637.200 | 1.143 | 7.070 |
Key Findings
- British Holidaymakers can save up to €40 on every £600 worth of holiday money purchased online
- Findings show that Airport Bureaus and High Street Banks apply margins of nearly 7% on the ‘true mid-market exchange rate’
- 0% commission should largely be ignored when trying to distinguish between a good or bad travel money deal
- exchange rates are the key indicator to obtaining the fairest deals on travel money
- MyTravelMoney.co.uk desk research finds that buying online for collection at airport is substantially cheaper than purchasing at airport
- Home delivery of currency is the cheapest and fairest overall deal for holidaymakers
Data collated is true to live recordings of rates between 2.15pm-2.30pm, 31st July 2013
Written by Sofia Kluge on Google+
