Co-op name and shame airports over foreign currency rates and charges
09.06.05
Holidaymakers pay up to £9 for every £100 they exchange for foreign currency at some UK airports, according to a report by the Co-op. Research by the Co-operative Travel company shows that people who leave changing their holiday money until 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, 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.]
Manchester Airport didn't do very well in the survey - it was not in the top 13 for US dollars and was 13th for Euros. However, had the Co-op compared these rates to those available online, commission free and delivered free (see our Aberdeen 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 6.8% better than at Manchester 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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