Say No To “0% Commission!” – Airport Bureaus Mark Up Rates Over 10%

Say No To “0% Commission!” – Airport Bureaus Mark Up Rates Over 10% Mystery Shop

£600 worth of €urosExchange RateAmount of €Mid Market Rate% Margin applied by provider
Travel FX - Online1.235742.0551.2511.31
Icici Bank - Online1.230739.3501.2511.67
Moneycorp - Online1.226736.9461.2511.99
M & S High Street1.202722.2221.2513.95
HSBC - High Street1.177
Moneycorp - Gatwick1.129678.2291.2519.80
Travelex - Heathrow1.123675.0431.25110.22

Key Findings

  • The best indication of the value of a purchase comes from the exchange rates proximity to the market rate. The closer the rate is, the more you get for your buck.
  • Today, the best travel money rates are found online through currency converting specialists. Online brokers add as little as 1.3%.
  • Banks and airport exchange bureaus that plaster the words “0% Commission” are manipulative marketing gimmicks that should be ignored!
  • Airport bureaus can apply up to 10.2% markups compared to the market rate.

Mystery Shop data collected is true to live recordings of rates between 1:30pm-1:45pm 17th of June, 2014

Partnerships Executive at MyTravelMoney Aviva Tabachnik comments:

“There is a pattern of misleading marketing strategies found in exchange bureaus and banks that claim “0% Commission.” Many of these establishments are found manipulating the exchange rate in their advantage. In this weeks mystery shop we found that some banks take up to 5.9% for themselves and several airport bureaus will take as much as 10.2%. This is crazy! The clear and transparent way to buy holiday money is online, where specialists will only mark up 1.3%. Remember, the closer the exchange rate is to the market rate, the better the deal!”

Aviva Tabachnik is Partnerships Executive at - google +


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