London airports offer the best currency exchange rates for travellers looking to change their pounds last minute at the airport, according to new research.
Foreign exchange specialist Caxton FX surveyed 10 major UK airports to see which had the best and worst currency exchange rates for euros and dollars. The research found that there is a massive divide between airports based in and around the capital and those outside, causing those in some regions to miss out on as much as £100 on an average foreign exchange transaction.
When it comes to buying euros, Heathrow and Gatwick top the table for best value, where travellers get €1.07 for every pound. At the bottom of the table, West Country fliers travelling though Bristol get just over one euro (€1.0008) for each pound and Scottish fliers get a similar rate going through Edinburgh (€1.0070).
| Euro exchange rate league table* | ||||
| Best value | Airport | Bureau | Euro rate | £1,000 buys |
| 1= | Heathrow | ICE | 1.07 | €1,070.00 |
| 1= | Gatwick | ICE | 1.07 | €1,070.00 |
| 3 | Glasgow | Travelex | 1.0447 | €1,044.70 |
| 4 | London City | Travelex | 1.0359 | €1,030.40 |
| 5 | Manchester | Travelex | 1.03046 | €1,030.46 |
| 6 | East Midlands | Travelex | 1.0265 | €1,026.50 |
| 7 | Stansted | MoneyCorp | 1.015 | €1,015.00 |
| 8 | Luton | ICE | 1.007 | €1,007.00 |
| 9 | Edinburgh | ICE | 1.0070 | €1,007.00 |
| 10 | Bristol | MoneyCorp | 1.0008 | €1,000.80 |
Although the difference in rates only looks like a matter of pennies, this equates to a 10% margin between the top and the bottom of the table. If you are changing £1000 worth of currency, which is not unusual for a small family, this could mean the difference of €70 – the cost of a meal out for a family in Spain.
For those travelling to America, there is a similar disparity in rates for dollars. Heathrow topped the table for offering $1.19 for every pound. Once again Bristol offered the worst currency exchange rates, with holidaymakers getting just $1.05 for each pound – a difference of nearly 13%.
This means that a family travelling to America with £1000 of holiday money would get $1190 if they exchange it at Heathrow and only $1,054 if they exchange it at Bristol. This is a difference of $136, which equates to two meals for a family of four in an average American restaurant.
| US Dollar exchange rate league table* | ||||
| Best value | Airport | Bureau | US Dollar rate | £1000 buys |
| 1 | Heathrow | ICE | 1.19 | $1,190.00 |
| 2 | Luton | ICE | 1.1256 | $1,125.60 |
| 3 | Stansted | MoneyCorp | 1.1206 | $1,120.60 |
| 4 | Glasgow | Travelex | 1.1575 | $1,157.50 |
| 5 | Manchester | Travelex | 1.1442 | $1,144.20 |
| 6 | London City | Travelex | 1.1372 | $1,137.20 |
| 7 | East Midlands | Travelex | 1.1311 | $1,131.10 |
| 8 | Edinburgh | ICE | 1.1127 | $1,112.70 |
| 9 | Gatwick | ICE | 1.10 | $1,100.00 |
| 10 | Bristol | MoneyCorp | 1.0546 | $1,054.60 |
However, even being savvy about which airport you fly from still won’t help you get the most from your holiday money. Rupert Lee Browne, CEO of Caxton FX is adamant that travellers will lose out if they wait until they get to the airport to exchange their holiday money, even if some airport bureaus are more competitive. Caxton FX prepaid currency cards would give families an extra €116 or $130 for £1000 based on today’s exchange rates.
“Currency exchange bureaus at the airport have a captive audience, so they can offer outrageously poor rates and are still confident that people will purchase foreign currency from them,” comments Mr Lee-Browne. “With the pound at a 31-year low against the US dollar, and a two-year low against the euro, every bit counts, so be smart when it comes to your holiday money and order a prepaid card.”
Caxton FX has designed a calculator that shows approximately how much you’ll save using its card compared to using banks and airport exchanges. See how much you could save HERE.
