Lose 8% buying currency at the airport

Lose 8% buying currency at the airport

MyTravelMoney.co.uk Mystery Shop

£600 worth of €urosExchange RateAmount of €Mid Market XE rate% Margin applied by provider
TravelFX - Online1.1710702.601.18621.28
Moneycorp - Online1.1656699.361.18621.74
ICE - Online1.1619697.141.18622.05
Natwest - High Street1.1384683.041.18624.03
Barclays - High Street1.1364681.841.18624.20
Travelex - Heathrow Airport1.0758645.481.18629.31
Moneycorp - Gatwick Airport1.0747644.821.18629.40

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+


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