MyTravelMoney.co.uk Mystery Shop
| £600 worth of €uros | Exchange Rate | Amount of € | Mid Market Rate | % Margin applied by provider |
|---|---|---|---|---|
| TravelFX - Online | 1.1697 | 701.82 | 1.1861 | 1.38 |
| Moneycorp - Online | 1.1643 | 698.58 | 1.1861 | 1.83 |
| Travelex - Online | 1.1565 | 695.77 | 1.1861 | 2.49 |
| Lloydsbank- High Street | 1.1220 | 673.20 | 1.1861 | 5.40 |
| Halifax - High Street | 1.1220 | 673.20 | 1.1861 | 5.40 |
| Moneycorp - Gatwick | 1.0689 | 641.34 | 1.1861 | 9.88 |
| Travelex - Heathrow Airport T5 | 1.0651 | 639.06 | 1.1861 | 10.20 |
– Airport bureaus are the world’s most expensive place to exchange currency
– Buying holiday money through an authorised and regulated online supplier works our overall cheapest, with suppliers adding markups of little over 1% away from the interbank exchange rate.
– Independent research shows airport currency bureaus apply markups of over 10% away from the real interbank exchange rate
– Travel money mystery shop data was collected between 13:30 and 13:45 on 08 October 2013.
Co-Founder of MyTravelMoney Daniel Abrahams comments:
”Airports once again appear the world’s most expensive place to buy travel money. As you are a captive customer, expect to lose around £50 on every £500 you exchange. Remember, 0% commission doesn’t mean free travel money. The true, hidden cost of converting currency is within the exchange rate. ”
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