The common airport mistake that could leave you hundreds of pounds out of pocket before you even board your flight

HOLIDAYMAKERS have been warned of a common airport mistake that could cost them hundreds. Many passengers find themselves leaving exchanging their travel money to the last minute at the airport. AlamyHolidaymakers have been warned of a common airport mistake that could cost them hundreds[/caption] But research conducted by eurochange compared the price offered in five of the UK’s busiest airports and found it could leave people significantly out of pocket. It revealed travellers could lose an eye-watering £200 when they take away €1,000 at London Stanstead – ranked the most expensive. Their exchange rate is currently €0.9076 per £1. At the other end of the spectrum, Birmingham Airport came in cheapest, but holidaymakers were still missing out on £155.98. Meanwhile, when taking out $1,000 at the same airport, passengers can expect to lose £144.17. This is still significantly cheaper than the wasted £193.93 at Stanstead for the same transaction. The reason for such figures is that global exchange rates are a lot steeper within terminals than in regular shops. Laura Evans-Fisk, head of digital engagement at eurochange told Metro: “Changing money at the airport is absolutely the least cost-effective way of picking up your holiday money, as rates can be up to 13% higher than they are on the high-street or online. “This is simply because there is much less competition, and they know customers aren’t shopping around for the best deal, so they can rack up the rates.” The expert also urged travellers to research the exchange rate ahead of time and take advantage of the best times. This can be between Monday and Thursday, according to Laura. “These are the least busy days for transfers, so you might see a little less fluctuation in the mid-market rate over these days,” she said. Currency rates can fluctuate wildly and while we can try to predict what might happen, no-one knows for sure. Another way to protect yourself from these changes in rates is to buy half of what you need now, and half nearer the time in the hope that rates improve by then. If they don’t, at least you know half your cash was bought at a better rate. Savings missed out on at UK airports Savings missed out on per €1,000 at UK airports Birmingham: £155.98 Edinburgh: £157.85 London Heathrow: £163.90 London Luton: £161.66 London Stansted: £208.80 Savings missed out on per $1,000 at UK airports Birmingham: £144.17 Edinburgh: £145.90 London Heathrow: £152.84 London Luton: £149.33 London Stansted: £193.93 BEST EXCHANGE The best way to avoid the currency exchange swindle is to compare the rates offered by sellers in advance – and the most generous rates won’t necessarily come from the Post Office or Marks & Spencer. Use tools like MoneySavingExpert’s TravelMoneyMax or compareholidaymoney.com to work out the best deals online and near you, based on commission charges and the exchange rate itself. Ordering currency in advance can also save you money, provided you have time between now and your trip to wait for it. This comes as other gurus have shared their golden travel tips. One revealed the best way to beat jet lag following simple steps. And, a savvy mum has revealed her hacks for travelling on a long haul flight with your toddler. Meanwhile, this clever item will help make walking through the airport a breeze. And, here’s a simple packing trick that could make holidaying much easier.

The common airport mistake that could leave you hundreds of pounds out of pocket before you even board your flight

HOLIDAYMAKERS have been warned of a common airport mistake that could cost them hundreds.

Many passengers find themselves leaving exchanging their travel money to the last minute at the airport.

Alamy
Holidaymakers have been warned of a common airport mistake that could cost them hundreds[/caption]

But research conducted by eurochange compared the price offered in five of the UK’s busiest airports and found it could leave people significantly out of pocket.

It revealed travellers could lose an eye-watering £200 when they take away €1,000 at London Stanstead – ranked the most expensive.

Their exchange rate is currently €0.9076 per £1.

At the other end of the spectrum, Birmingham Airport came in cheapest, but holidaymakers were still missing out on £155.98.

Meanwhile, when taking out $1,000 at the same airport, passengers can expect to lose £144.17.

This is still significantly cheaper than the wasted £193.93 at Stanstead for the same transaction.

The reason for such figures is that global exchange rates are a lot steeper within terminals than in regular shops.

Laura Evans-Fisk, head of digital engagement at eurochange told Metro: “Changing money at the airport is absolutely the least cost-effective way of picking up your holiday money, as rates can be up to 13% higher than they are on the high-street or online.

“This is simply because there is much less competition, and they know customers aren’t shopping around for the best deal, so they can rack up the rates.”

The expert also urged travellers to research the exchange rate ahead of time and take advantage of the best times.

This can be between Monday and Thursday, according to Laura.

“These are the least busy days for transfers, so you might see a little less fluctuation in the mid-market rate over these days,” she said.

Currency rates can fluctuate wildly and while we can try to predict what might happen, no-one knows for sure.

Another way to protect yourself from these changes in rates is to buy half of what you need now, and half nearer the time in the hope that rates improve by then.

If they don’t, at least you know half your cash was bought at a better rate.

Savings missed out on at UK airports

Savings missed out on per €1,000 at UK airports

Birmingham: £155.98

Edinburgh: £157.85

London Heathrow: £163.90

London Luton: £161.66

London Stansted: £208.80

Savings missed out on per $1,000 at UK airports

Birmingham: £144.17

Edinburgh: £145.90

London Heathrow: £152.84

London Luton: £149.33

London Stansted: £193.93

BEST EXCHANGE

The best way to avoid the currency exchange swindle is to compare the rates offered by sellers in advance – and the most generous rates won’t necessarily come from the Post Office or Marks & Spencer.

Use tools like MoneySavingExpert’s TravelMoneyMax or compareholidaymoney.com to work out the best deals online and near you, based on commission charges and the exchange rate itself.

Ordering currency in advance can also save you money, provided you have time between now and your trip to wait for it.

This comes as other gurus have shared their golden travel tips.

One revealed the best way to beat jet lag following simple steps.

And, a savvy mum has revealed her hacks for travelling on a long haul flight with your toddler.

Meanwhile, this clever item will help make walking through the airport a breeze.

And, here’s a simple packing trick that could make holidaying much easier.