Travel Money Mystery Shop | Lose over 10% at Airport Bureaus
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MyTravelMoney.co.uk Mystery Shop
| £600 worth of €uros | Exchange Rate | Amount of € | Mid Market Rate | % Margin applied by provider |
|---|---|---|---|---|
| TravelFX - Online | 1.1646 | 698.76 | 1.1799 | 1.29 |
| Moneycorp - Online | 1.1576 | 694.56 | 1.1799 | 1.89 |
| Travelex - Online | 1.1520 | 691.20 | 1.1799 | 2.3 |
| Natwest- High Street | 1.1279 | 676.74 | 1.1799 | 4.40 |
| Barclays - High Street | 1.1162 | 669.72 | 1.1799 | 5.40 |
| Travelex - Heathrow | 1.0637 | 638.22 | 1.1799 | 9.85 |
| Moneycorp - Gatwick | 1.0618 | 637.08 | 1.1799 | 10.01 |
Key Findings
- Airport Bureaus remain the most expensive place to buy your travel money, adding mark-ups of up to 10.01%
- Banks and airports that offer 0% commission do not exist and should not be bought in to
- When buying travel money, the exchange rate is the key indicator to obtaining the best value on your chosen currency
- High Street banks have poor exchange rates adding mark-ups of between 4-6%, a significant amount on top of the true mid-market exchange rate
- Independent research shows Airport Bureaus apply markups of over 10% away from the real interbank exchange rate
- MyTravelMoney.co.uk desk research finds that buying online is substantially cheaper than buying at the airports
Mystery Shop data collated is true to live recordings of rates between 11:45am-12:00pm, 22nd October 2013
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Written by Sofia Kluge on Google+
