Banks and Airports apply margins of 10% on Euro rates

Banks and Airports apply margins of 10% on Euro rates Mystery Shop

£600 worth of €urosExchange RateAmount of €Mid Market XE rate% Margin applied by provider
ICICI Bank1.1338680.281.15902.18
Travelex - Heathrow Departures1.0650639.001.15908.11
Moneycorp - Gatwick Departures1.0468628.081.15909.68

Key Findings

  • British Holidaymakers can save up to €60 on every £600 worth of holiday money purchased online
  • Findings show that Airport Bureaus and High Street Banks apply margins of nearly 10% 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
  • 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 11.45am-12pm, 7th August 2013

Written by Sofia Kluge on Google+


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