Travellers buying currency at UK airports are now receiving less than one Euro to the pound.
Research from foreign exchange company FairFX showed some airports are offering as little as 0.88 Euro cents to the pound. US dollar rates are nearing parity at 1.008 being offered in one case.
FairFX said this means airport providers are charging travellers as much as 26% commission for the convenience of buying travel money at the last minute. The average rate offered at 16 UK airports at the start of this week (October 10) was €0.99 and $1.08 – compared to live market rates of €1.111 and $1.239.
Ian Strafford-Taylor, CEO of FairFX, said: “It’s no secret that airport exchange rates aren’t the best. They’ve got a captive audience and once you’re there, you usually have no alternative. However, we’re seeing rates offered by airport providers reach shocking new lows in what can only be described as downright scandalous."
The pound has fallen sharply since the UK’s vote to leave the European Union.
FairFX’s airport rate check - euros:
Airport | Provider | Euro rate | Difference to market rate |
Southampton | Moneycorp | € 0.8847 | 26% |
Stansted | Moneycorp | € 0.9580 | 16% |
Southend | Moneycorp | € 0.9582 | 16% |
Belfast | ICE | € 0.9600 | 16% |
Luton | ICE | € 0.9600 | 16% |
Edinburgh | ICE | € 0.9634 | 15% |
Bristol | Moneycorp | € 0.9900 | 12% |
Doncaster Robin Hood | Travelex | € 1.0000 | 11% |
Heathrow T3 | Travelex | € 1.0000 | 11% |
Manchester | Travelex | € 1.0005 | 11% |
Heathrow T5 | Travelex | € 1.0010 | 11% |
London City Airport | Travelex | € 1.0050 | 11% |
Heathrow T2 | ICE | € 1.0187 | 9% |
Gatwick | ICE | € 1.0400 | 7% |
Exeter | Travelex | € 1.0600 | 5% |
Glasgow Prestwick | The Change Group | € 1.0600 | 5% |
FairFX’s airport rate check – US dollars:
Airport | Provider | US dollar rate | Difference to market rate |
Bristol | Moneycorp | $1.0081 | 23% |
Southampton | Moneycorp | $1.0500 | 18% |
Edinburgh | ICE | $1.0649 | 16% |
Luton | ICE | $1.0700 | 16% |
Southend | Moneycorp | $1.0700 | 16% |
Stansted | Moneycorp | $1.0700 | 16% |
Belfast | ICE | $1.0800 | 15% |
Doncaster Robin Hood | Travelex | $1.0800 | 15% |
Exeter | Travelex | $1.0800 | 15% |
London City Airport | Travelex | $1.0800 | 15% |
Heathrow T3 | Travelex | $1.0900 | 14% |
Heathrow T5 | Travelex | $1.0900 | 14% |
Manchester | Travelex | $1.0948 | 13% |
Glasgow Prestwick | The Change Group | $1.1100 | 12% |
Gatwick | ICE | $1.1300 | 10% |
Heathrow T2 | ICE | $1.1391 | 9% |