MyTravelMoney.co.uk Mystery Shop
|£600 worth of €uros||Exchange Rate||Amount of €||Mid Market Rate||% Margin applied by provider|
|Travel FX - Online||1.235||742.055||1.251||1.31|
|Icici Bank - Online||1.230||739.350||1.251||1.67|
|Moneycorp - Online||1.226||736.946||1.251||1.99|
|M & S High Street||1.202||722.222||1.251||3.95|
|HSBC - High Street||1.177||707.257||1.251||5.94|
|Moneycorp - Gatwick||1.129||678.229||1.251||9.80|
|Travelex - Heathrow||1.123||675.043||1.251||10.22|
- 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!”