Late summer holiday bargain hunters warned over shocking costs

Late summer holiday bargain hunters were today warned to avoid airports when buying foreign currency. According to research carried out by online foreign currency provider FairFX.com, UK airports are a “no-go” area when it comes to getting good value for their travel money.

FairFX Chief Executive Stephen Heath said “Many holidaymakers scour the internet for great value last minute holiday deals, but get stung by not exchanging money until they get to the airport.

“Terrible airport exchange rates are compounded when you have some leftover currency and change it back at the same airport travel money booth. Doing that could mean that you get charged up to the equivalent of 33% commission.

“A much better way of doing it is use a travel money card like the FairFX Anywhere Card which charges just 1.5% equivalent exchange rate margin. If consumers are savvy, they will order a Prepaid Travel Money Cards a week or so before they travel. That way they can ensure much better exchange rates.”

UK Airport Buy and Sell Rate Comparison Table

Rates collected at 11.00am on 22nd September 2010

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Media enquiries
FairFX Press Office
pressoffice@fairfx.com

David Bain
Tel. 020 7778 9316

Stephen Heath
Chief Executive
FairFX Plc
T: 020 7778 9302
M: 07785 291 059
Stephen@fairfx.com

Ian Strafford-Taylor
Chief Operating Officer
FairFX Plc
T: 020 7778 9308
M: 07920 793 793
ian@fairfx.com

FairFX Plc is an internet based foreign exchange business with a technology platform that allows it to provide UK travellers with the best foreign exchange rates in the market. FairFX’s core product is a brand new prepaid MasterCard denominated in Euros, US$ and the £ Sterling denominated Anywhere Card.

Customers can buy online using debit/credit cards or internet bank transfer. By eliminating traditional methods of providing foreign currency such as Travel Money bureaus and kiosks, customers are offered business/commercial type foreign exchange rates rather than paying up to 3% on typical UK Bank debit card usage, 5% more on the High Street, or even 8+% more at the airport.

FairFX has been established by a group of people committed to giving the consumer a fair deal. The business is owned by very experienced private investors and Directors. All FairFX Directors are substantial investors in the Company. FairFX is a Public Limited Company and has a Money Service Provider Licence issued by HMRC (Her Majesty's Revenue and Customs).

Wednesday 22 September 2010, 02:38pm

Tags: 0% myth, airport, birmingham airport, compare rates, currency rates, holidaymakers, luton, tourist rates of exchange

> Holiday makers could each lose out on over £120 this summer

> Regional airports rip off customers to the tune of 15%

Sun seekers heading abroad this summer could waste over £120* for every £1,000 of their holiday budget if they don’t buy their foreign currency from the cheapest provider.

As Britons look to stretch their holiday spending money that little bit further this year, FairFX.com are showing how using a prepaid currency card could give them an extra $209 or €143 for every £1,000 they spend.

Don’t be fooled

Unsurprisingly consumers are being misled by headline advertising for travel money such as “0% commission” or “no commission”, which often masks the true cost. Research shows that 44% of Britons think “0% commission” means the service is free, and almost six in 10 went on to base their travel money purchases on this misleading advertising.

The true cost to consumers is not only the advertised commission rate, but also how many Euros, Dollars or other currencies they receive for each pound exchanged, namely the exchange rate. In fact the true cost to consumers can range from 3% to 5% at High Street providers, 8% to 12% at London airports, and up to as much as 15% at some regional airports.

Stephen Heath, Chief Executive of FairFX.com, said: “No one likes to be fooled into buying something only to find out too late that they paid over the odds. ‘0%’ may well have become the standard advertising tag for currency providers, but savvy holidaymakers still have time to make the most of their holiday budget this summer.

“A prepaid card will give travellers not only the best rate available, but also added piece of mind. However, for those who want to take cash, make sure you shop around, by pre-ordering it online they could have an extra $209 or €143 with them when they jet off.”

Monday 29 June 2009, 05:30pm

Tags: birmingham airport, currency providers, currency rates, currency report, exchange rates, hidden charges, holiday charges