MyTravelMoney.co.uk Mystery Shop
| £600 worth of €uros | Exchange Rate | Amount of € | Mid Market Rate | % Margin applied by provider |
|---|---|---|---|---|
| Travel FX - Online | 1.1783 | 706.98 | 1.1902 | 1.00 |
| Moneycorp - Online | 1.1699 | 701.94 | 1.1902 | 1.70 |
| Travelex - Online | 1.1550 | 693.00 | 1.1902 | 2.96 |
| Natwest- High Street | 1.1270 | 676.20 | 1.1902 | 5.31 |
| Barclays - High Street | 1.1158 | 669.48 | 1.1902 | 6.25 |
| Travelex - Heathrow | 1.0693 | 641.58 | 1.1902 | 10.16 |
| Moneycorp - Gatwick | 1.0628 | 637.68 | 1.1902 | 10.70 |
– The cheapest and fairest way to obtain your currency is by comparing deals with an online currency specialist. They will only tend to add markups from as little as 1% away from the interbank exchange rate giving you the best deals.
– When buying travel money, the exchange rate is the key indicator to obtaining the best value on your chosen currency
– It has been proven by our desk research that Airport Currency Bureaus remain the most expensive place to buy travel money adding mark-ups of over 10%
– 0% commission should almost always be ignored as high mark-ups are added instead
– Travel money mystery shop data was collected between 1.00pm and 1.15pm on 5th November 2013
Web Editor at MyTravelMoney Sofia Kluge comments:
”Airports once again appear to be the world’s most expensive place to buy travel money. As you are a captive customer, our research and data shows that you lose around £70 on every £600 you exchange. Remember, 0% commission doesn’t mean free travel money. The true, hidden cost of converting currency is within the exchange rate.”
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