Tourists have been warned of a common airport mistake that could result in paying £200, spoiling the holiday mood for many.
A recent study by eurochange looked at prices offered in the UK’s five busiest airports in the UK, finding that Brits could be losing out on over £200 when they purchase €1,000 at London Stansted due to a less-than-ideal exchange rate of €0.9076 per £1.
Even at the cheapest airport, Birmingham, you are still looking at wasting £155.98 on the same transaction, which could otherwise cover a lot of cocktails, banana boat rides, or souvenirs.
If you are travelling to the US, the missed savings per $1,000 range from £144.17 at Birmingham Airport to £193.93 at Stansted.
Generally, exchange rates at airports are significantly higher than those on the high street or online, so planning is crucial.
Laura Evans-Fisk, head of digital engagement at eurochange, told Metro: “Changing money at the airport is absolutely the least cost-effective way of getting your holiday money, as rates can be up to 13 percent higher than on the high street or online.
“This is simply because there is much less competition, and they know customers aren’t shopping around for the best deal, so they can rack up the rates.”
In addition to sorting out your travel money ahead of time, Laura recommends keeping an eye on the exchange rate before you travel and buying when you get a good deal.
She also suggests buying between Monday and Thursday, adding: “These are the least busy days for transfers, so you might see a little less fluctuation in the mid-market rate on these days.”
For those who prefer not to carry physical cash, a prepaid travel money card can be a good alternative, especially if you are traveling to multiple locations and need different currencies.
She added: “Plus, you don’t get charged for using them, as you often do with a regular bank card.”