Bank holiday travellers get less than €1 for the pound
Those flying out from Southampton airport receive as little as €0.94 for the pound, while versus the dollar they are exchanging £1 for just $1.08.
Research conducted by currency specialist Caxton FX reveals the rip-off exchange rates offered to bank holiday travellers in airport bureaux.
The results found that on average they are offering just €1.02 and $1.11 for a pound, with some bureaux charging further commission on the transaction.
While Southampton airport offered the lowest rates, Gatwick offered the ‘best value’ at €1.05. This means a £500 exchange would give holidaymakers €525, which is €54 more than what they would receive at Southampton.
Gatwick also offered the best rate for the dollar as £1 could be exchanged for $1.14. On £500 this equals $570.
Rupert Lee-Browne, CEO of Caxton, said: “With the pound 10% weaker than it was before the referendum, it’s tough enough for Bank Holiday travellers without being stung by nasty exchange rates.”
Avoid airport bureaux
If you’re heading abroad, you should never use airport bureaux as they have a ‘captive audience’ so can get away with charging a fortune, as can be seen above. You will get far more for your money by planning ahead.
See YourMoney.com’s How to bag the best deal on your foreign currency to find out more about checking specialist sites, pre-paid currency cards and the difference in online and in-store rates.