Survey by Co-op Travel highlights poor foreign currency rates at UK airports
09.06.05
Holidaymakers pay up to £9 for every £100 they exchange for foreign currency at some UK airports, according to a report released today by the Co-op. Research by Co-op Travel shows that people who leave buying their holiday money 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 report names the airport with the poorest rates as the newly-opened Robin Hood Airport in Doncaster. It gave the worst exchange for euros and the joint worst for US dollars. And rubbing salt into the wound, in addition to a poor exchange rate, a £5 commission charge is levied on all transactions under £400.
The exchange rates (ignoring the £5 commission) at Robin Hood, at €130.15 and $159.60, were significantly less than the best deals available at other UK airports where travellers could get as much as 5% more for their money and avoid the commission charge. The best rates were at Aberdeen for euros, where the Co-op got €137.58, and at Gatwick for dollars - $167.78 for £100.
Although Edinburgh did quite well, joint 6th for euros (0.25% below Aberdeen) and joint 2nd for dollars (0.02% below Gatwick), 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 rates of €144.00 and $178 for £100 from Onlinefx last week (5% and 6% better than the Edinburgh airport rates), which would have topped both lists and beaten the best high street deals.
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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