You are here: Home - Saving & Banking - News -

Some airports offering just €0.99 for the battered pound

Written by: Paloma Kubiak
Some major airports are now offering just €0.99 for £1 after the value of sterling recently plunged to a three-year low against the euro.

A survey by Caxton FX of five London airports revealed Luton and Stansted are offer holidaymakers a measly €0.99 to the pound, while Gatwick was the best value for last minute foreign currency exchanges, offering travellers €1.05 for every pound sold.

This means a family of four exchanging £1,000 would get €60 less changing money at Luton than if they did so at Gatwick.

euro table

*Rates correct as of 16.08.16

Caxton FX analyst Alexandra Russell-Oliver, said: “The pound fell below 1.1500 against the euro [on 15 August] for the first time since August 2013. The next rate on the horizon for this pairing eyes that month’s low of 1.1403.”

“An already weak pound has faced additional woes recently due to increased stimulus measures and disappointing data from the UK.”

Currency exchange bureaus at airports have a captive audience, which means in spite of poor rates, they still manage to attract a large customer base. However, the airport offerings are much lower than the current rate of £1 to €1.1536.

Buying holiday money at the airport is not the only option for last minute purchases.

Holidaymakers may want to consider a prepaid currency card, a convenient alternative to carrying cash, which allow you to lock in the exchange rate at the time of loading your money, rather than when you make a purchase or withdraw cash abroad.

Based on a £1,000 exchange, Caxton FX said customers using its prepaid currency card would receive an extra £137 based on today’s exchange rate, compared to purchasing currency at Luton airport.

See’s guide to see which prepaid card is right for you.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Revealed: the best universities for buy-to-let

Letting to students can be a smart move for landlords, but where are the best yields?