Co-op name and shame airports with poor foreign currency deals
09.06.05
Travellers pay as much as to £9 for every £100 they exchange for foreign currency at some UK airports, according to a report by the Co-op. Their research shows that people who leave changing their holiday cash to the last minute risk being ripped off by some airport foreign exchange companies, who offer poor rates and impose high charges on their captive audience.
The airport with the poorest rates overall was the newly-opened Robin Hood Airport in Doncaster, which gave the worst exchange for euros and the joint worst for US dollars. In addition to a poor exchange rate, a £5 commission charge is levied on any transaction under £400.
The rate the Co-op got for £100 in euros and dollars at Robin Hood (€130.15 and $159.60) was significantly less than the best deals available at other UK airports where travellers could get as much as 5% more for their money. [At Aberdeen Airport the Co-op got €137.58 and at Gatwick $167.78 for their £100.]
Luton Airport didn't do too well in the survey - it was 11th for Euros and didn't make the top 13 for US dollars. For the foreign exchange counter at Luton airport offered just €133.66 for £100, versus €137.58 at Aberdeen, a difference of 3%.
Had the Co-op compared these rates to those available online, commission free and delivered free (see our Liverpool Airport Foreign Currency advice page), the difference would have been even more shocking. At the time the Co-op were doing their comparisons we got a rate of €142.00 and $178 for £100 from Onlinefx which would have topped both lists, beaten the high street and was 6.2% better than at Luton airport.
How the Airports compared:
Euros – For £100 Exchanged
1. Aberdeen €137.58
2.= Southampton €137.25
2.= Heathrow €137.25
2.= Glasgow €137.25
2.= Gatwick €137.25
6.= Stansted €137.24
6.= Norwich €137.24
6.= Edinburgh €137.24
9. Bournemouth €136.21
10. London City €135.86
11. Luton €133.66
12. Durham Tees Valley €132.98
13. Manchester €132.91
14. Newcastle €132.89
15. Birmingham €132.38
16.= Liverpool €131.05
16.= Leeds Bradford €131.05
16.= Cardiff €131.05
16.= Bristol €131.05
20. Belfast €131.00
21. Nottingham East Midlands €130.95
22. Robin Hood Doncaster €130.15
US Dollars – For £100 Exchanged
1. Gatwick $167.78
2.= Glasgow $167.74
2.= Stansted $167.74
2.= Edinburgh $167.74
5.= Aberdeen $167.71
5.= Southampton $167.71
5.= Heathrow. $167.71
8. Bournemouth $166.81
9. London City $165.87
10. Nottingham East Midlands $164.24
11. Norwich $163.54
12. Durham Tees Valley $162.99
13. Birmingham $162.17
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