Airport bureaux de change up to 10 per cent more expensive than specialist firms   We all know better, but too often we all still do it.   In the rush to go on holiday, we’ve forgotten to sort out the spending money and end up buying it at the airport or Eurostar terminal.   Now a survey of exchange rates shows that we can lose up to 10 pence in every hard-earned pound when we buy euros and dollars at the last minute.   And with the average Briton spending £523 on a week’s foreign holiday1 an awful lot of money is lost on poor exchange rates, even without paying commission charges transaction.   Specialist foreign currency provider Currencies Direct contacted bureaux de change at Gatwick, Heathrow and Stansted airports, and at the St Pancras Eurostar terminal in London, to ask about their exchange rates, as well as checking out high street deals at the Post Office and Marks & Spencer.  

The firm then checked its findings against the best rates offered by specialist currency providers, and the results were eye-opening [See table below].   The greatest difference between the best rate available from a specialist provider and a bureau de change was 11 per cent (buying euros from International Currency Exchange at St Pancras, see table below) and the average was 7.1 per cent.   This means that a family of four on a week-long trip to DisneyLand Paris could be £105 worse off buying their euros at the Eurostar terminal than ordering through a specialist provider.   Even with the downturn in foreign holidays, around 18.5 million overseas trips are expected to take place over three months this summer.   If, conservatively, half of these travellers spent £523 per week, then they would lose £343 million pounds if they bought they’re spending money at the airport departure lounge.   Specialist providers apart, the best exchange rates for buying currency were found at Marks & Spencer for euros (4.7% difference) and the Post Office for dollars (2.7% difference).   Phil McHugh, senior foreign exchange dealer at Currencies Direct, said: “This survey highlights the great British holiday money rip-off that people face at most airport bureaux de change.   “Canny travellers should take a few minutes to check the exchange rates in advance and arrange for their money to be delivered to their home or work.   “It can be as simple as one telephone call, or an internet search, to do so, saving time and hassle as well as pounds and pence.”   Foreign exchange rate comparison table (based on rates effective 7 August, 1300hrs):   

Holiday Money Provider Euro % more expensive than CD Loss on £500, compared to CD Dollar % more expensive than CD Loss on £500, compared to CD Currencies Direct €1.1575 - - $1.6577 - - St Pancras – ICE €1.04 +11.2% £58.75 $1.53 +8.3% £63.85 Heathrow – American Express €1.0679 +8.3% £44.80 $1.5319 + 8.2% £62.90 Gatwick – TTT Moneycorp €1.0733 +7.8% £42.10 $1.5273 + 8.5% £65.20 Stanstead (TTT Moneycorp) €1.0733 +7.8% £42.10 $1.5273 + 8.5% £65.20 Post Office €1.09 +6.1% £33.75 $1.6147 + 2.7% £21.50 M&S €1.1057 +4.7% £25.90 $1.6096 + 3% £24.05

  Note: Average difference across all providers and currencies is: 7.1%   Currencies Direct has ten top tips for people heading on holiday this summer:  

• Think ahead about your currency needs and avoid changing your money at bureaux de change, particularly at airports
• Shop around for the best rate - don’t automatically go to your bank or post office. Specialist providers offer much better deals
• Beware of hidden charges and high commission rates. A good headline rate does not necessary mean the best value for money
• Watch the currency markets and consider buying your holiday money a few weeks before you travel if rates are working against you
• Talk to a specialist foreign exchange firm about the best time to buy or sell
• Take travellers cheques or currency cards with you to avoid using credit or debit cards for large purchases
• Travellers cheques or currency cards can also help avoid the hefty fees banks and credit card companies charge for using ATMs overseas
• If travelling to the developing world or visiting several countries, consider taking US dollars, which can be used instead of local currency
• Use an established business to buy or sell currency, particularly if overseas. If you are not convinced walk away – it is your money
• If you are a regular traveller, consider fixing your exchange rate for future currency purchases with a specialist provider