Co-op names and shames airports over poor foreign currency deals
09.06.05
Holidaymakers could pay almost £9 for every £100 they exchange for foreign currency at UK airports, according to a report by the Co-op. Research by Co-operative Travel shows that people who leave changing their holiday cash to the last minute are being ripped off by some airport foreign exchange companies, who offer poor rates and impose high charges on their captive audience.
The airport with the poorest rates overall was the newly-opened Robin Hood Airport in Doncaster, which gave the worst exchange for euros and the joint worst for US dollars. In addition to a poor exchange rate, a £5 commission charge is levied on any transaction under £400.
The rate the Co-op got for £100 in euros and dollars at Robin Hood (€130.15 and $159.60) was significantly less than the best deals available at other UK airports where travellers could get as much as 5% more for their money. [At Aberdeen Airport the Co-op got €137.58 and at Gatwick $167.78 for their £100.]
Belfast International Airport didn't do too well in the survey either. For euros Belfast was 20th out of 22, offering just €131.00 for £100, versus €137.58 at Aberdeen, a difference of 5%. Belfast didn't even make it into the top 13 for US$ transactions.
Mike Greenacre from the Co-op said: 'We want to make holidaymakers aware of what they’re letting themselves in for if they decide not to buy currency well in advance. The worst deals can really eat into your holiday spending money, leaving you with almost £9 less in your pocket for every £100 exchanged.
Had the Co-op compared these rates to those available online, commission free and delivered free (see our Foreign Currency advice page), the difference would have been even more shocking. We got a rate of €141.00 or $178 for £100 from Onlinefx last week, which would have topped both lists and beaten the high street.
How the Airports compared:
Euros – For £100 Exchanged
1. Aberdeen €137.58
2.= Southampton €137.25
2.= Heathrow €137.25
2.= Glasgow €137.25
2.= Gatwick €137.25
6.= Stansted €137.24
6.= Norwich €137.24
6.= Edinburgh €137.24
9. Bournemouth €136.21
10. London City €135.86
11. Luton €133.66
12. Durham Tees Valley €132.98
13. Manchester €132.91
14. Newcastle €132.89
15. Birmingham €132.38
16.= Liverpool €131.05
16.= Leeds Bradford €131.05
16.= Cardiff €131.05
16.= Bristol €131.05
20. Belfast €131.00
21. Nottingham East Midlands €130.95
22. Robin Hood Doncaster €130.15
US Dollars – For £100 Exchanged
1. Gatwick $167.78
2.= Glasgow $167.74
2.= Stansted $167.74
2.= Edinburgh $167.74
5.= Aberdeen $167.71
5.= Southampton $167.71
5.= Heathrow. $167.71
8. Bournemouth $166.81
9. London City $165.87
10. Nottingham East Midlands $164.24
11. Norwich $163.54
12. Durham Tees Valley $162.99
13. Birmingham $162.17
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