High Street Banks apply 7% to mid-market exchange rate
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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 | 1.1445 | 687.84 | 1.1599 | 1.32 |
| Moneycorp | 1.1435 | 687.24 | 1.1599 | 1.41 |
| ICICI Bank | 1.1407 | 685.56 | 1.1599 | 1.65 |
| NatWest | 1.1108 | 667.59 | 1.1599 | 4.23 |
| Barclays | 1.0986 | 660.25 | 1.1599 | 5.28 |
| Travelex - Heathrow Departures | 1.1165 | 671.01 | 1.1599 | 3.74 |
| Moneycorp - Gatwick Departures | 1.0845 | 651.78 | 1.1599 | 6.50 |
Key Findings
- British Holidaymakers can save up to €30 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 11.45am-12pm, 24th July
