Tourists Advised to Avoid Common Money Exchange Mistake

Travelers preparing for their holidays have been warned to take precautions to avoid losing significant amounts of money by exchanging currency at the airport.

Currency exchange company eurochange highlighted a prevalent error that tourists often make, leading to financial losses. Many travelers exchange money at the airport, a practice that could see them lose up to €100.

Before embarking on a trip, it is common for tourists to obtain some local currency for expenses like souvenirs and meals. However, Laura Evans-Fisk, Head of Digital Engagement at eurochange, advises against airport exchanges, noting they are the least cost-effective option.

"It’s shocking to see the huge difference in rates across UK airports, and the amount of money Brits could lose if they wait until they get to the airport," Evans-Fisk stated. "Rates can be up to 13 percent higher than on the high street or online."

This disparity arises because airport exchange counters face less competition, leading to poorer rates compared to more competitive high street or online options. For instance, tourists exchanging €500 on the high street can get up to €100 more than at the airport.

Eurochange’s analysis found London Stansted to be the worst for exchange rates, while Birmingham International was closer to standard rates. Evans-Fisk recommends travelers buy foreign currency on the high street between Monday and Thursday to secure better rates.

"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," she said. "Typically, Monday through to Thursday is the best time as these are the least busy days for transfers, leading to less fluctuation in the mid-market rate."

Additionally, tourists might consider using prepaid travel money cards, which offer convenience and can be used in multiple countries without incurring bank card fees. However, it’s important to check for hidden fees such as application costs and transaction charges.