MyTravelMoney.co.uk Mystery Shop
| £600 worth of €uros | Exchange Rate | Amount of € | Mid Market Rate | % Margin applied by provider |
|---|---|---|---|---|
| Travel FX - Online | 1.1702 | 702.12 | 1.1860 | 1.33 |
| Travelex - Online | 1.1695 | 701.70 | 1.1860 | 1.39 |
| Moneycorp - Online | 1.1637 | 698.22 | 1.1860 | 1.88 |
| Natwest- High Street | 1.1376 | 682.56 | 1.1860 | 4.08 |
| Barclays - High Street | 1.1251 | 675.06 | 1.1860 | 5.13 |
| Moneycorp - Heathrow | 1.0746 | 644.76 | 1.1860 | 9.39 |
| Travelex - Gatwick | 1.0721 | 643.30 | 1.1860 | 9.60 |
Key Findings
– Airport bureaus remain the world’s most expensive place to exchange currency
– Independent research shows airport currency bureaus apply markups nearly 10% away from the real interbank exchange rate
– Buying holiday money through an authorised and regulated online supplier works out overall cheapest, with suppliers adding markups of little over 1% away from the interbank exchange rate.
– When buying travel money, the exchange rate is the key indicator to obtaining the best value on your chosen currency
– Travel money mystery shop data was collected between 11:45 and 12:00 on 12 November 2013.
Co-Founder of MyTravelMoney Daniel Abrahams comments:
“Airports once again appear the world’s most expensive place to buy travel money. As you are a captive customer, expect to lose around £60 on every £600 you exchange. Remember, 0% commission doesn’t mean free travel money. The true, hidden cost of converting currency is within the exchange rate.”
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Written by Sofia Kluge on Google+
