Lose 8% buying currency at the airport
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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 - Online | 1.1710 | 702.60 | 1.1862 | 1.28 |
| Moneycorp - Online | 1.1656 | 699.36 | 1.1862 | 1.74 |
| ICE - Online | 1.1619 | 697.14 | 1.1862 | 2.05 |
| Natwest - High Street | 1.1384 | 683.04 | 1.1862 | 4.03 |
| Barclays - High Street | 1.1364 | 681.84 | 1.1862 | 4.20 |
| Travelex - Heathrow Airport | 1.0758 | 645.48 | 1.1862 | 9.31 |
| Moneycorp - Gatwick Airport | 1.0747 | 644.82 | 1.1862 | 9.40 |
Key Findings
- British Holidaymakers can save up to €57.78 on every £600 worth of holiday money purchased online
- Our research shows that Airport Bureaus apply margins of up to 9.40% on the ‘true mid-market exchange rate’
- 0% commission should usually be ignored as high mark-ups are added instead
- 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
- High Street Banks will add high mark-ups as they do not specialise in foreign currency exchange
Data collated is true to live recordings of rates between 10.00am-10.30am, 24th September 2013
Written by Sofia Kluge on Google+
