Rip-off airport rates that offer passengers just 0.78 euros for £1
‘Outrageous way exchanges cashing in’
AIRPORT bureaux de change are cashing in on the falling pound by giving holidaymakers paltry rates.
Families travelling from some UK airports yesterday found a pound was worth only 0.78 euros and less than 0.90 US dollars – close to a third less than market exchange rates.
The pound fell to a two-year low against major currencies yesterday after ministers warned that No Deal was becoming increasingly likely on October 31.
Experts accused airport currency exchange firms of taking advantage of British travellers. Ian Strafford-Taylor, of travel money firm FairFX, said: ‘Rates at bureau de change desks this morning are some of the worst we’ve seen for the dollar and euro.
‘Airport currency exchange desks are passing on weakened rates to holidaymakers heading into Europe and across the pond for their summer holidays, adding extortionate margins to make a profit.’
In the worst case, Moneycorp offered only 0.78 euros for £1 at Stansted, almost a third less than the market rate. Customers who exchanged £500 would get only 392.35 euros.
The same bureau de change offered less than 90 US cents for a pound, according to FairFX – 25 per cent less than the market rate, giving only $449.05 for £500.
Martyn James, of consumer rights website Resolver, said: ‘The plummeting pound is bad news for British holidaymakers, but the outrageous way airport currency exchanges are cashing in on the misery is appalling. I cannot see how such a massive cut in the already low exchange rate is justified.’
Moneycorp at Gatwick was the second most expensive out of ten UK airports, FairFX found.
The exchange rate for £1 yesterday was 0.88 euros and 0.98 dollars. Travellers exchanging £500 would get €440 or $490.
At the International Currency Exchange at Luton and Doncaster Sheffield airports, customers were offered a slightly higher rate that gave them $495 for their £500. Gatwick earned £26.6million from bureau de change income in the year to the end of March.
Heathrow last published this information in 2016, when it received £50million.
Travellers are advised to plan ahead and buy holiday money elsewhere before going abroad. Traders expect the pound to continue to fluctuate.
Mr Strafford-Taylor said: ‘The threat of a No Deal Brexit leaves the pound on rocky ground.’
Pauline Maguire, of Moneycorp, said the reason for its higher airport rates was extra costs such as ground rent and security. She added: ‘Operating costs are higher at Stansted than our other airport outlets. This is reflected in higher exchange rates.’
Travelex said: ‘Our airport rates reflect our convenient, reliable service.’