Common Airport Mistake That Could Cost You Hundreds | Don’t Make This Expensive Travel Money Error
Holidaymakers have been warned of a common airport mistake that could cost them hundreds. Many passengers find themselves leaving exchanging their travel money until the last minute at the airport. But research conducted by eurochange compared the price offered in five of the UK’s busiest airports, and found it could leave people significantly out of pocket.
Expensive Exchange Rates in Airports
It revealed travellers could lose an eye-watering £200 when they take away €1,000 at London Stanstead – ranked the most expensive. Their exchange rate is currently €0.9076 per £1. At the other end of the spectrum, Birmingham Airport came in cheapest, but holidaymakers were still missing out on £155.98. Meanwhile, when taking out $1,000 at the same airport, passengers can expect to lose £144.17. This is still significantly cheaper than the wasted £193.93 at Stanstead for the same transaction.
Why Exchange Rates are Higher at Airports
The reason for such figures is that global exchange rates are a lot steeper within terminals than in regular shops. Laura Evans-Fisk, head of digital engagement at eurochange told Metro: “Changing money at the airport is absolutely the least cost-effective way of picking up your holiday money, as rates can be up to 13% higher than they are on the high-street or online.” This is simply because there is much less competition, and they know customers aren’t shopping around for the best deal, so they can rack up the rates.
Best Exchange Practices
The best way to avoid the currency exchange swindle is to compare the rates offered by sellers in advance – and the most generous rates won’t necessarily come from the Post Office or Marks & Spencer. Use tools like MoneySavingExpert’s TravelMoneyMax or compareholidaymoney.com to work out the best deals online and near you, based on commission charges and the exchange rate itself. Ordering currency in advance can also save you money, provided you have time between now and your trip to wait for it.
Savings Missed Out on at UK Airports
- Birmingham: £155.98
- Edinburgh: £157.85
- London Heathrow: £163.90
- London Luton: £161.66
- London Stansted: £208.80
Savings missed out on per $1,000 at UK airports
- Birmingham: £144.17
- Edinburgh: £145.90
- London Heathrow: £152.84
- London Luton: £149.33
- London Stansted: £193.93
Conclusion
Currency rates can fluctuate wildly and while we can try to predict what might happen, no one knows for sure. Another way to protect yourself from these changes in rates is to buy half of what you need now, and half nearer the time in the hope that rates improve by then. If they don’t, at least you know half your cash was bought at a better rate. So, make sure to plan your currency exchange smartly when traveling to save yourself from unnecessary expenses.