Airports take advantage of poor pound to cheat travellers

AIRPORTS are being accused of exchange rate profiteering by offering less than one euro to the pound to take advantage of holidaymakers’ pessimism after the election.

Holidaymakers buying last minute currency face “extortionate” exchange rate profiteering as seven airports are offering just €1 for £1 and five are offering even less – with rates as bad as €0.90 to the pound.

This is despite the market rate sitting at €1.14 to the pound, meaning currency bureaus are pocketing the remaining 15 cents, representing the biggest profit seen by exchange rate experts at Fairfx. Airports are renowned for offering poor currency deals but the difference is typically 10 cents, it said.

Some of the worst rates were found at major airports including Stansted, Birmingham and Gatwick.

The nation’s worst offender was Southampton Airport, offering a pound-euro rate of just €0.90 – a difference of 26 per cent on market rate – followed by Stansted Airport at €0.96 (18 per cent). High street currency shops are offering rates well above €1 for £1.

Following the General Election the value of the pound fell by about 2 per cent and has not recovered.

Since then a number of Daily Telegraph readers have shared images of exchange bureaus at airports which show ultra-low exchange rates.

Ian Strafford-taylor, chief executive of Fairfx, said: “The pound has suffered over the past year. However, rates as low as €0.90 are nothing short of extortionate and it’s clear that consumers are being taken advantage of.

“One in 10 consumers leave their travel money until the last minute but hopefully this research will raise the alarm in the danger of doing this.”