Voice Of Post

Tourists ripped off by airport currency exchanges, Holidaymakers buying foreign currency at UK airports are being ‘ripped off’ by ‘terrible’ rates of exchange, experts warn.

The pound is now worth around 1.35 euros on financial markets – its strongest level for seven years – giving British families more ‘bang for their buck’ on the Continent.

But many are losing out by buying euros at airports across the country where tourist rates are among the worst on offer.The Moneycorp Bureau de Change at Bristol Airport was yesterday offering customers just 1.06 euros per pound.
Experts said families heading to the Continent for half-term can get far better deals if they buy their euros online. ‘It is a rip-off exchanging money at the airport,’ said James Daley, of consumer website Fairer Finance.

On average customers get 1.16 euros for every pound they exchange at airports in the UK, specialists No1 Currency found.
That compares with an average rate of 1.26 euros per pound on the high street and 1.30 online. It means swapping £500 at an airport would typically get 580 euros compared with 630 euros on the high street and 650 online.

Simon Phillips of No1 Currency said: ‘The rates offered by money exchanges at the airports are terrible, targeting travellers who have no option. The clear message is to plan ahead and order online.’

The research also found huge regional variations. Travelex was yesterday offering just 1.1757 euros per pound at East Midlands Airport, 1.1888 at Manchester Airport, and 1.2078 at Heathrow. However, customers ordering online at Travelex.co.uk were offered 1.3139 per pound – and could still collect their holiday money from the airport if ordering at least four hours in advance.

Mr Daley said: ‘The thing that will really make people kick themselves is that you can get a much better rate buying online and collecting your money from the airport.

‘Just about the worst thing you can do is change your pounds at the airport. You will get just about the worst rate going.

Elvin Eldić, of Travelex, said: ‘The stores we operate at airports offer our customers a premium service open from the first to last flight, 365 days a year. The cost of doing business in airports does incur higher operational costs.’