MyTravelMoney.co.uk Mystery Shop
| £600 worth of €uros | Exchange Rate | Amount of € | Mid Market Rate | % Margin applied by provider |
|---|---|---|---|---|
| Travel FX - Online | 1.221 | 733.70 | 1.238 | 1.42 |
| Moneycorp - Online | 1.216 | 731.10 | 1.238 | 1.78 |
| Icici Bank - Online | 1.214 | 729.50 | 1.238 | 1.99 |
| M & S High Street | 1.187 | 713.207 | 1.238 | 4.21 |
| HSBC - High Street | 1.160 | 697.16 | 1.238 | 6.33 |
| Moneycorp - Gatwick | 1.110 | 667.11 | 1.238 | 10.37 |
| Travelex - Heathrow | 1.108 | 665.85 | 1.238 | 10.54 |
Key Summary
- Unless there are a lot of competing exchange houses in the same area, Airports are the worst place to change money considering they bump their rates over 10% from what the normal online rates are.
- Exchange houses found throughout the city, as well as banks found on High Street advertise 0% Commission, however, they do take a large percentage of money for themselves, compared to our online rates, some may take as high as 6%.
- If you chose not to change currency online, it is important to compare exchange rates between several companies before committing to a large exchange.
- Obtaining the best deal on your currency exchange can be done through online currency specialists found on our website, who will typically add markups from as little as 1.7% away from the mid market exchange rate.
Mystery Shop data collated is true to live recordings of rates between 12:20pm – 12:130pm, 10th June 2014. For up to date information, see live exchange rates.
Aviva Tabachnik, Partnerships Executive at MyTravelMoney comments:
“While airport bureaus and High Street banks continue to over-quote their exchange rates, customers world wide are beginning to realize that it is in fact easier to transfer money online and it saves everyone loads of money! It is inevitable that when traveling abroad one is going to exchange money, but by making the right choice and choosing to do so online, for only a 600 Pound transfer, you could save up to 60 Euros! Thats a whole day’s worth of meals and activities!”
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