Banks and Airports apply margins of 10% on Euro rates
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MyTravelMoney.co.uk Mystery Shop
| £600 worth of €uros | Exchange Rate | Amount of € | Mid Market XE rate | % Margin applied by provider |
|---|---|---|---|---|
| TravelFX | 1.1398 | 683.88 | 1.1590 | 1.66 |
| Moneycorp | 1.1339 | 680.34 | 1.1590 | 2.17 |
| ICICI Bank | 1.1338 | 680.28 | 1.1590 | 2.18 |
| NatWest | 1.1021 | 661.26 | 1.1590 | 4.91 |
| Barclays | 1.1012 | 660.72 | 1.1590 | 4.99 |
| Travelex - Heathrow Departures | 1.0650 | 639.00 | 1.1590 | 8.11 |
| Moneycorp - Gatwick Departures | 1.0468 | 628.08 | 1.1590 | 9.68 |
Key Findings
- British Holidaymakers can save up to €60 on every £600 worth of holiday money purchased online
- Findings show that Airport Bureaus and High Street Banks apply margins of nearly 10% on the ‘true mid-market exchange rate’
- 0% commission should largely be ignored when trying to distinguish between a good or bad travel money deal
- exchange rates are the key indicator to obtaining the fairest deals on travel money
- MyTravelMoney.co.uk desk research finds that buying online for collection at airport is substantially cheaper than purchasing at airport
- Home delivery of currency is the cheapest and fairest overall deal for holidaymakers
Data collated is true to live recordings of rates between 11.45am-12pm, 7th August 2013
Written by Sofia Kluge on Google+
