How airports earn millions from holiday money rip-off

Maximus price! Crowe’s movie memorabilia nets £2m at ‘divorce auction’

heathrow and Gatwick alone earn close to £75million a year from the rents they charge to bureaux de change in their terminals, and other airports across the country admitted they pocket millions more.

critics and currency firms claim airport rents force them to charge far higher exchange rates than those available online or on the high Street – in some cases up to 15 per cent more.

Labour MP John Mann, a member of the treasury select committee, said: ‘this is a rip-off. airports should focus on getting queues down, not profits up.’

annual reports published by heathrow and Gatwick reveal they have earned at least £300million from currency exchange firms’ rents since 2012.

In 2016, the latest year for which figures are available, 75.7million TV and Radio Reporter passengers passed through heathrow, which took £50million from bureaux de change rents. Gatwick, which had 44.1million visitors, pocketed £24.1million from rents. the pair posted profits of £267million and £131.8million respectively.

One in ten travellers gets their foreign exchange at airports.

Labour MP Daniel Zeichner, a member of the transport select committee, said: ‘airports and airlines seem to find ever more inventive ways of ripping off passengers. the moral is clear – don’t change your currency at airports.’

Ian Strafford-taylor, boss of currency firm FairFX, said: ‘Planning ahead is the only way to get the best value for money – it’s worth thinking about currency before you book your holiday.’

at heathrow yesterday, travelex was offering $1.22 for £1 – 13 per cent less than the currency market rate of $1.41. It offered one euro for £1 – 12 per cent below the official rate of 1.14 euros.

Meanwhile, at Gatwick, Moneycorp was offering $1.20 for £1 – nearly 15 per cent less than the market rate – and 0.98 euros for £1, almost 14 per cent less.

Manchester airports Group, which owns the third and fourthbusiest airports in the country, Manchester and Stansted, does not break down how much it makes from bureaux de change, but overall it earns £164.4million from retail concessions.

travelex said: ‘airport rates often reflect the convenience of selecting from a range of up to 50 currencies at the last minute in stores open from the first flight till the last, 365 days a year.

‘Passengers are encouraged to pre-order currency online to take advantage of competitive rates and the convenience of collecting their cash at the airport.’

Moneycorp said: ‘the reason for our higher airport rates is the significant cost associated with operating there – from ground rent and additional security to the cost of staffing the bureaux.

‘an easy and more cost-effective way for customers to buy travel money is to pre-order online and collect at the airport.’

heathrow declined to comment, and Gatwick did not respond to a request for comment.

Violin: Crowe learned to play for Master and Commander Boxer’s protector: Worn in Cinderella Man Split: Danielle Spencer and Crowe THE breastplate Russell Crowe wore for his Oscar-winning role in Gladiator 18 years ago sold for £68,000 at his £2million auction of memorabilia.It was among costumes and props from his best-known films that went under the hammer as part of his divorce settlement from singer Danielle Spencer.The armour he wore as Maximus Decimus Meridius fetched more than four times its estimate at the Sotheby’s Australia sale named The Art of Divorce in Sydney on Saturday, Crowe’s 54th birthday. It would have been his 15th wedding anniversary.A 128-year-old Italian violin by Leandro Bisiach that Crowe learned to play for Master and Commander sold for £73,528, while a leather boxer’s protector he wore in Cinderella Man went for £3,822, 11 times the estimate. Crowe, who also sold paintings from his personal collection, told the crowd: ‘It’s exciting isn’t it?’