The great airport money rip off: How it can cost a third more to buy foreign currencies at the terminal (and Cardiff is the worst culprit)
- Study compared exchange rates at 30 UK airports for euros and US dollars
- Results show Cardiff was the worst value for money for both currencies
- Difference between providers can be more than £200 per £1,000 spent
If you forgot to buy travel money and you're already at the airport then you should think twice about exchanging currencies, because you could end up paying a third more than if you bought some in advance according to a new study.
Even more shockingly, exchange rates can vary by as much as 25 per cent between different terminals at the same airport.
Among the 30 UK airports included in the study, Cardiff was the most expensive for travellers as it gave the worst rate for both the euro and US dollars.
Buying currency at airports is much more expensive than getting it ahead of time but rates can vary between different airports and even different terminals at the same airport
Luton was another airport that offered poor rates for both currencies.
Meanwhile, Leeds Bradford, Norwich and Southend offered some of the best rates.
The results were revealed when FairFX compared the real-time rates across the airports between 9am and 10.30am on April 12HARE THIS ARTICLE
There was a huge variation in rates depending at the airports and terminals, it said.
The results showed that there's as much as 50 per cent difference in exchange rate between some airports.
Travelex gave $1,261 for every £1,000 at Heathrow terminals 1, 2 and 4. But at Terminal 5, it gave a more favourable $1,370 while for Terminal 3, it was a comparatively meagre $1,090
In monetary terms, it means that you can get € 320 (£254.65) more for £1,000 at Heathrow T3 than at Cardiff.
Similarly, £1,000 will buy you $340 (£239.93) more at Southampton than Cardiff.
Certain providers even offered travellers different rates from different terminals.
For example, Travelex gave $1,261 for every £1,000 at Heathrow terminals 1, 2 and 4.
But at Terminal 5, it gave a more favourable $1,370 while for Terminal 3, it was a comparatively meagre $1,090.
In fact, Heathrow Terminal 3 offered the best rate for euros but was the second most expensive for dollars.
ForExchange at Cardiff offered the poorest rates out of all the airport providers, giving just €930 for £1,000 and $1,060 for the same amount.
ForExchange at Cardiff offered the poorest rates out of all the airport providers, giving just €930 for £1,000 and $1,060 for the same amount
Ian Strafford-Taylor, CEO of FairFX said: 'Airports are renowned for offering poorer rates but holidaymakers will be astounded to realise just how much they'll lose by buying their travel money before they fly.
'Travellers may expect to pay slightly more but losing as much as £311 for every £1,000 exchanged is a significant financial blow.
'It's shocking to see how wildly rates vary between regional airports in the UK – even from the same providers. Hopefully this investigation will help holidaymakers realise the importance of planning ahead for your where – and when – you buy your travel money.'
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