Banks take €50 on every £600 of travel money
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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 | 1.1557 | 693.42 | 1.1712 | 1.32 |
| Moneycorp | 1.1527 | 691.62 | 1.1712 | 1.58 |
| ICICI Bank | 1.1479 | 688.74 | 1.1712 | 1.99 |
| NatWest | 1.1139 | 668.34 | 1.1712 | 4.89 |
| Barclays | 1.1124 | 667.44 | 1.1712 | 5.02 |
| Travelex - Heathrow Departures | 1.0821 | 649.26 | 1.1712 | 7.61 |
| Moneycorp - Gatwick Departures | 1.0873 | 652.38 | 1.1712 | 7.16 |
Key Findings
- British Holidaymakers can save up to €50 on every £600 worth of holiday money purchased online
- Findings show that Airport Bureaus and High Street Banks apply margins of nearly 7.16% 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, 21st August 2013
Written by Sofia Kluge on Google+
