As the summer holiday season approaches, millions of Brits are gearing up for their trips abroad. Laura Evans-Fisk, a travel money expert from Eurochange, has shared an essential tip for those looking to exchange foreign currencies.
Laura explained the best place and time to get your travel cash: “I would always recommend buying your euros before you get to the airport, as the exchange rates tend to be far lower if you buy them in-branch or online in advance.
“Changing money at the airport is absolutely the least cost-effective way of picking up your holiday money, as rates can be up to 13% higher than they are on the high street or online. As it’s often a last-minute necessity, customers are forced to convert their cash at whatever rate is offered to them in the airport, whereas on the high street, they have more options.
“It’s surprising to see the vast difference in rates across UK airports, and the huge amount of money Brits could be losing out on if they wait until they get to the airport before exchanging their cash.”
While the marginal exchange rate between pounds and euros may seem insignificant, using the markets to your advantage can save you a considerable amount of money.
Laura advised: “Typically, Monday through to Thursday is the best time to buy your euros, as these are the least busy days for transfers, so you might see a little less fluctuation in the mid-market rate over these days.
“Typically, the EUR rate only moves very slightly over any given month. Though exchange rates differ marginally when buying larger amounts, this can soon add up, so it’s worth keeping a close eye on the exchange rate before you head off on holiday.”
Eurochange’s latest comparison report exposed just how much cash travellers are losing at various airports as opposed to purchasing on the high street. When getting Euros, Gatwick has emerged as the priciest.
Purchasing €1,000 would see you out of pocket by roughly £274. Stansted isn’t far behind, setting holidaymakers back an additional £264 for their €1,000 while Birmingham, Edinburgh, and Manchester airports all have a cost of around £150.
Glasgow falls in the mid-range, with travellers spending an excess of £139 and Heathrow ranks among the more economical options, where the loss is limited to £108, with Liverpool not far off at £124.
For those exchanging for dollars, Stansted costs a staggering £252 when getting $1,000. Luton proves to be the most wallet-friendly airport for dollar transactions, with losses limited to just £102, whilst Gatwick turns the tables, being the second cheapest at £111.
Liverpool’s exchange will set you back £122, with Glasgow following at £133. Birmingham, Edinburgh, Heathrow, and Manchester are seen clustering around the £150 penalty for the same amount.
