Avoid airports for buying your holiday money
21.07.08
Research carried out on behalf of currency company FairFX shows that holidaymakers who buy foreign currency at the airport can pay extortionate exchange rates. On July 8 when the Sterling/Euro exchange rate stood at €1.26 to the pound, some foreign exchange bureau were offering as little as €1.10, the company reports.
[Note: For the lowdown on the best places to buy foreign currency, click on the link.]
Travelex Leeds Bradford at Birmingham Airport were the worst offenders on that day, with an exchange rate of €1.1025 to the pound but there were a number of others offering around €1.15 while the high street banks had a tourist exchange rate in the branches of around €1.20. The difference on foreign currency of £500 works out at €80 or £63.
Stephen Heath, chief executive of FairFX, said: ‘Brits are being fleeced when it comes to getting their foreign cash from the airport. Holidaymakers flying from Liverpool, Leeds Bradford, London City, Bristol or Birmingham airports are paying over the odds for their spending money. These airports are the most expensive UK departure points for buying foreign currency at the moment.’
He advised those about to go abroad to organise their foreign currency in advance rather than use the airport bureau de change.
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