MyTravelMoney.co.uk Mystery Shop
£600 worth of €uros Exchange Rate Amount of € Mid Market Rate % Margin applied by provider
Travel FX - Online 1.233 740.793 1.248 1.194
Icici Bank - Online 1.229 738.749 1.248 1.467
Moneycorp - Online 1.227
737.247 1.248 1.667
M & S - High Street 1.202 722.522 1.248 3.631
Lloyds High Street 1.184
711.584 1.248 5.090
Moneycorp - Gatwick 1.128 677.748 1.248 9.603
Travelex - Heathrow 1.123 674.683 1.248 10.012
Key Findings
- When purchasing your holiday money, make sure that the rate you are transferring at is as close to the mid market rate as possible.
- Airport bureaus are the worst place to buy money, many can take over 10% of your money!
- Buying holiday money through an online broker ultimately gets you the best deal, with markups as little as 1.1%
- Many banks today still take over 6% when exchanging currency, this is an outrageous amount that is easy to avoid
- Travel money mystery shop data was collected between 12:45 and 1:00 on 24 June 2014.
Inbound Marketing Manager of MyTravelMoney Or Hillel comments:
“Once again airports seem to be the most expensive place to buy holiday money! Our research has found that some of these bureaus are taking 10% of your holiday money. This 10% isn’t just pocket change; it is REAL money that can go far, especially when on holiday! Make sure to begin buying your holiday money online for the best rates at only around 1.1%”
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