Wait until the airport to get holiday cash? You’ll get less than one euro to the pound
Airport travel bureaus are ripping off customers - here's how to get a better deal on your travel cash
HOLIDAYMAKERS who leave buying travel money until the last minute are being ripped off by airport bureaus offering poor exchange rates.
When The Sun Online contacted Moneycorp at London Gatwick this morning, they said it was offering customers just 0.98 euro cents to the pound, meaning that £500 will get you €490.
Other bureaus are offering marginally better rates - for example, ICE, also at London Gatwick said it was offering 1.05 euros to every one pound this morning, meaning £500 will get you €525.
But airport bureaus are the last place people should go to pick up their travel money - unless you pre-order your cash.
Pre-ordering gets you a better deal. At Moneycorp, for instance, pre-ordering £500 worth of euros and picking up in store will get you €560 - €70 more than when you don't pre-book and simply buy in store.
If you pre-order currency for it to be delivered to your home, expect to pay around £5 for orders under £500. Over that amount and delivery is usually free.
You won’t get the best rates from your bank, or at the Post Office, either.
While these places are often the most convenient, if you have time to plan ahead, you should avoid them.
Instead, use a comparison site like MoneySavingExpert’s which sifts through the rates offered by online bureaus to find users the best deals, taking your location into account.
A quick search using the comparison tool shows that in central London there are bureaus that will give you €562 for every £500. While this isn't significantly more than an airport bureau, the more money you exchange the better return you'll get.
You could get even better rates by visiting local independent bureaus which often offer competitive deals.
These bargain bureaus aren't only in London, they can be found in the centre of regional cities, too, often clustered around stations.
Tracy Bownes, retail director at Moneycorp told The Sun Online: "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 bureau for customers on early and late flights.
“An easy and more cost-effective way for customers to buy travel money is to pre-order online and collect at the airport.
"We always encourage our customers to do this, and increasing numbers of people are planning ahead in this way – we’re seeing up to 50 per cent of transactions coming from reserve and collect customers at some of our airport bureau.
"Our online reserve and collect rates are always highly competitive."
Should I buy foreign currency now?
This morning it was announced that the pound had slumped to a 30-year-low against the dollar, prompting panic amongst holidaymakers.
The slump came after Theresa May hinted that Britain is heading for a “hard Brexit”. At 11:45pm, the Prime Minister’s speech is anticipated to outline plans for a hard Brexit which could see the pound fall even further.
Since the historic vote to leave the EU last June the pound has fallen around 20 per cent against the dollar, hitting lows not seen regularly since 1985.Brits have questioned whether it's a good idea to snap up currency now before Article 50 is triggered at the end of March, which could see the pound fall even further.
Ian Strafford-Taylor, CEO of travel money expert FairFX, said: “The last year has been characterised by volatility which the markets don’t like and is why we’ve seen the strength of the pound fluctuate so significantly.
"With Article 50 due to be triggered and the detail of the Brexit split still to be negotiated, we’re likely to see continued volatility ahead and nobody can truly predict the exact impact this will have on the pound.
"However, holidaymakers can take action to get the best value possible.
"This includes buying when the rates are at their strongest and also ahead of any periods of volatility which may impact the strength of the pound.
"This allows you to lock-in your rate so if you’re happy with the rate on offer, you’ll be guaranteeing it for your holiday even if it’s later in the year."