Currency exchange: costly airport foreign travel money mistake could leave you £100s out of pocket on holiday
Don’t let poor planning drain your holiday funds 💶
- Airport currency exchange is dubbed a ‘cardinal sin’ by payment expert Richard Carter
- Rates at airport kiosks are often far worse than those found online or via card payments
- Swapping £1,000 at the airport could leave you €40 worse off compared to online rates
- Using a credit card abroad can offer better rates and added consumer protection
- Travellers are urged to plan ahead and avoid last-minute exchanges at travel hubs
When it comes to holiday spending, there’s one “currency cardinal sin” experts say travellers should never commit: converting cash at the airport.
That’s according to Richard Carter, founder of Lopay – the UK’s highest-rated, lowest-cost payment app – who warns that many Brits are still losing out by using airport bureau de change services, both at home and in tourist hotspots abroad.
While airport kiosks might seem convenient, they often come with inflated exchange rates.
For example, while some online currency providers are currently offering rates around €1.16 to the pound, airport desks tend to offer closer to €1.12 – a difference that adds up fast.
Exchange £100 at the airport, and you might get just €112. Online? Closer to €116.
That’s a loss of €4 per £100, or a painful €40 if you’re exchanging £1,000 for a family holiday. And that’s before you even get to your destination.
Carter advises ditching the cash entirely, where possible, and using a card instead.
“Using a credit card abroad – especially one with no foreign transaction fees – is often the smartest option,” he says. “Not only can it get you a better exchange rate, but it also protects your purchases.”
That’s thanks to Section 75 of the Consumer Credit Act, which can reimburse you for faulty goods or services up to £30,000 – ideal for peace of mind when booking hotels, excursions, or big-ticket items abroad.
Carter says: “People work hard throughout the year to enjoy their getaway over the summer and so it is imperative that they know where to land the best deals to get the bang for their buck.
“There are now so many good, reputable online currency converters who offer the best exchange rates by far.
“This is the opposite of airport bureau de change, which offers a very poor rate that some might be tempted by as they land abroad or turn up to the airport with no cash.
“I would advise people to keep a clear mind and understand that there are better deals to be had – always shop around and have a look online before you set off. Do your research, or you may be sorry.”
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