MyTravelMoney.co.uk Mystery Shop
| £600 worth of €uros | Exchange Rate | Amount of € | Mid Market Rate | % Margin applied by provider |
|---|---|---|---|---|
| Travel FX - Online | 1.1944 | 716.64 | 1.2135 | 1.57 |
| Moneycorp - Online | 1.1919 | 715.14 | 1.2135 | 1.78 |
| Travelex - Online | 1.1875 | 712.50 | 1.2135 | 2.14 |
| Natwest - High Street | 1.1590 | 695.40 | 1.2135 | 4.49 |
| Barclays - High Street | 1.1300 | 678.00 | 1.2135 | 6.88 |
| Travelex - Heathrow | 1.0942 | 656.52 | 1.2135 | 9.83 |
| Moneycorp - Gatwick | 1.0915 | 654.90 | 1.2135 | 10.05 |
Key Summary
- High street banks, bureaus and fx stands advertising 0% commission are merely marketing fluff. Instead, margins are widened giving you poor exchange rates and in turn, poor deals on your currency.
- Airport bureaus tend to add markups of between 9-10% away from the mid market exchange rate. In monetary values, this equates to a loss of approximately €12 on every £100 you convert. (True to data 10:15am, 28th January 2014)
- It is essential to shop around and compare exchange rates to ensure the fairest and best deal on your currency exchange.
- Obtaining the best deal on your currency exchange can be done through an online currency specialist who will typically add markups from as little as 1.2% away from the mid market exchange rate.
Mystery Shop data collated is true to live recordings of rates between 10:15am-10:30am, 28th January 2014. For up to date information, see live exchange rates.
Sofia Kluge, web editor at MyTravelMoney comments:
“A great way to make the most of these fantastic rates is by pre-loading a currency card. These will allow you to lock in the current rates so you don’t have to worry about currency or low rates before you travel. If you book a last minute trip, online currency specialists still offer the best rates and can even deliver you currency to your door the next day. Of course, Airport Bureaus still remain the most uneconomical place to buy your currency, taking advantage, and therefore offering you the poorest rates”
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Written by Sofia Kluge on Google+
