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Credit crunched British families planning a break in the Spanish sunshine face a double blow this half term. Faced with a weak Pound against the Euro and extortionate airport currency exchange rates their holiday money might not stretch as far as hoped.
Brits flying from Luton, Newcastle, Liverpool, Leeds, and City airports could be paying well over the odds for their holiday money.
Prepaid currency card provider FairFX.com has discovered these airports are the most expensive UK departure points for buying foreign currency ahead of the half term rush to sunnier climes.
Travellers planning to head abroad over the summer half term holidays could be paying as much as 11 per cent more for foreign currency if they leave it until they get to the airport compared to organising beforehand.
Indeed, many travel money providers claim they offer travellers 0 per cent commission but, as the FairFX.com analysis shows, this hides the true margins they add to wholesale currency rates when providing foreign exchange for travel purposes.
According to research conducted for FairFX.com by YouGov three quarters (74 per cent) of travellers typically use cash when they spend abroad.
Travel cash bought outside of the airport can also be overpriced. Most high street providers charge, on average, a five per cent premium.
The one in four Brits who favour plastic (29 per cent with Visa, 25 per cent with a debit card and 22 per cent with MasterCard) will also be paying a premium to use their cards abroad, usually around three per cent.
Prepaid currency cards offer a different solution. They work just like a debit card but can be topped up via the internet or by text.
Stephen Heath, Chief Executive of FairFX.com, said: "Most providers rely on the fact holidaymakers will be in a complete rush when preparing for a trip abroad, and either fail to organise currency before they get to the airport or opt to use costly credit or debit cards for their foreign spending. Our analysis shows to what extent this approach could be costing travellers dear."
FairFX.com's league of the UK's most expensive foreign exchange bureaux:
1. Luton, ICE
2. Newcastle, Travelex
3. Liverpool, Travelex
4. Leeds, Travelex
5. City, Travelex
6. Bristol, Travelex
7. East Midlands, Travelex
8. Birmingham, Travelex
9. Birmingham, ICE
10. Edinburgh, Travelex
