Opodo travel news

Brits warned against buying money at airports

Brits warned against buying money at airports
30 Apr 2014

A new report has underlined the difference between taking foreign monies out in an airport as opposed to an alternative location.

It has been confirmed that taking money out in an airport is the most expensive way of doing it. Despite this, an increasing number of holidaymakers are currently buying currencies in airport terminals.

Research found that more than 1.6 million people have brought currency at British airports in the last 12 months. This represents a 15 per cent rise in the space of a year, which is an impressive spike.

What makes this all the more impressive is that this has happened against the backdrop of poor rates and punitive commission charges.

The report, conducted by the Post Office, said that this is the result of the recovery of the pound in the last year.

And according to the study, the gains would have been even more substantial for those buyers who were smart with their money.

What's more, the research revealed that nearly two-thirds of people who acquire currency from a British airport are travelling to a European destination.

“We compared rates for ten currencies at 11 UK airports and found that tourists buying at the airport would get less foreign cash for their pounds," commented Andrew Brown at the Post Office.

"In fact families changing the average value transaction of £268 into euros at the airport face losing almost £13."

He added: "As six per cent of tourists are travelling to the USA, we found that £1.16 million is wasted annually, based on the average difference of almost £12 between the amount received when changing money at the airport and at … high street branches."

A recent report by TripAdvisor said that British household holiday budgets are set to fall by as much as seven per cent compared to 12 months earlier.ADNFCR-408-ID-801717379-ADNFCR

Rate this article (5 great; 1 terrible):