Money exchange firm using Brexit as excuse to charge tourists rip-off rates on their Euros
Moneycorp offers just 88 euro cents to the Pound, while its bosses rake in record profits
A MONEY exchange firm is using Brexit as an excuse to charge tourists rip-off rates on their euros.
Moneycorp offers just 88 euro cents to the Pound, while its bosses rake in record profits.
The dire rate is 25 per cent more expensive than elsewhere, and comes despite Sterling rebounding to €1.13 this week.
Staff at the currency firm, which has kiosks at five UK airports and on the high street, blamed “Brexit uncertainty”.
Moneycorp CEO Mark Horgan, 50, who lives in a multi-million pound countryside pile on the outskirts of posh Maidenhead, Berks, proudly announced his firm was booming earlier this year.
While his branches charge up to 25 per cent more than customers would pay elsewhere, Moneycorp’s profits soared 27 per cent to £12.6million last year.
Horgan, who is married with two children, recently told This Is Money he also owns "a nice house" in Spain.
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His firm runs branches at Stansted, Gatwick, Bristol, Southend and Southampton airports, where some holidaymakers were offered just €0.88 to the pound this week.
Helen Saxon, chief product analyst at MoneySavingExpert.com said: "Offering euros at 88 cents to the pound when the actual exchange rate is €1.10 is disgraceful profiteering by the airport kiosks – they’re taking advantage as they know you’re a captive customer.
"Instead, get travel money before you go – and make sure you get the cheapest.
"MoneySavingExpert’s TravelMoneyMax tool compares 30 high street and online exchange bureaux’s rates so you can see which gives the most bang for your buck.
"But, if you are on the last minute, at least order ahead to pick up at the airport.
"You’ll get a better rate than just wandering up to the kiosk to exchange."