Avoid buying currency at the airport
21.07.08
Research carried out by foreign currency company FairFX shows that holidaymakers who buy their currency or travellers cheques at the airport can pay extortionate exchange rates. On July 8 when the Sterling / Euro exchange rate stood at €1.26 to the pound, some foreign exchange bureau were offering just €1.10, the company reports.
[Note: For the lowdown on Foreign Currency at Birmingham Airport, click on the link.]
Travelex at Leeds Bradford at Birmingham Airport were the worst offenders on that day, with an exchange rate of €1.1025 but there were a number of others offering around €1.15 while the high street banks had an exchange rate in the branches of around €1.20. The difference on foreign currency of £500 works out at €80 or £63.
Stephen Heath, chief executive of FairFX, said: ‘Brits are being fleeced when getting their foreign cash from the airport. Holidaymakers flying from Liverpool, Leeds Bradford, London City, Bristol or Birmingham are paying over the odds for their spending money. These airports are the most expensive UK departure points for buying foreign currency.’
He advised those about to go abroad to organise their foreign currency in advance rather than use the airport bureau de change.
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