More than 1.6 million people in the UK exchanged currency at British airports last year, despite the high charges made at airport terminals.
In fact, the number of people using airport exchanges rose in 2013 by 15% compared to 2012, according to research by the Post Office.
Nearly two-thirds of people who buy currency from a British airport are travelling to a European destination, and based on calculations by the Post Office, it said that over 1 million people lose an average of £12.56 each in doing so.
“We compared rates for 10 currencies at 11 UK airports and found that tourists buying at the airport would get less foreign cash for their pounds," Andrew Brown at the Post Office said. "In fact families changing the average value transaction of £268 into euros at the airport face losing almost £13.”
Those bound for the US “would also lost out”, Mr Brown noted. “we found that £1.16 million is wasted annually, based on the average difference of almost £12 between the amount received when changing money at the airport and at Post Office high street branches."
Regional airports were found to have the most punitive commission charges, especially on small amounts. Bristol Airport was at the top of the poll for poor rates for seven of the 10 currencies surveyed.
Newcastle and Birmingham airports also offered poor rates for many currencies.
Although the Post Office looked at its own rates, savings could be a bit better for those pre-ordering their currencies. Shopping around in advance among the competing currency companies should uncover better rates than last minute deals at the airport.
