Airport exchange rates contributing to debt worry?

The inflated rates of currency exchange charged at some airports could be contributing to the debt fears many holidaymakers already face, a new study …

The inflated rates of currency exchange charged at some airports could be contributing to the debt fears many holidaymakers already face, a new study has suggested.

Research carried out by Caxton FX discovered some travellers could be losing out on up to a fifth of their holiday spend by changing money at the airport.

The investigation found the amount of cash lost in this manner varies depending on where people fly from.

It was shown the worst offender is the Travel bureau de change at Leeds Bradford International Airport.

At this venue, individuals would only receive $680 for their £500, while at the ICE bureau at Heathrow Airport, tourists would get an additional $56.

Moreover, it was shown exchanging £500 Travelex in Belfast International Airport would earn a person €520, while people exchanging the same amount at Moneycorp Gatwick Airport would receive €18 more.

The study showed people who choose to fly from smaller terminals to keep the cost down may find they are paying more to change their currency, as it was revealed those swapping £500 at the ICE in Luton airport would get back €36.60 less than they would if at the same company's branch at Heathrow.

James Hickman, managing director at Caxton FX, said: "You should always avoid changing money at airports, more so as rates differ by region."

Going in holiday has also been blamed for debt worries as reports showed holiday-makers were racking up large phone bills for using mobile phones abroad

A recent survey carried out by R3 showed more than a third of people in Britain intended to spend less on their holidays this year than they did in 2009, while a quarter decided to forego a vacation altogether.

By James Francis
 

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