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Fury at holiday money sharks: Greedy currency firms cash in on falling pound with deals well BELOW market rate in exchange rate rip-off

Mail Online

  • Greedy currency companies are exploiting holidaymakers following Brexit
  • An investigation has found they are offering less than a euro per pound
  • MPs have criticised firms for taking advantage of the uninformed public
  • It comes after the pound fell 10 per cent against the euro after the EU vote

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But in the worst cases, tourists are receiving less than a pound per euro, once they have paid commission.

On top of this firms typically charge commission fees if customers do not buy their currency online, meaning holidaymakers receive less than a euro per pound. According to online currency firm FairFX, Moneycorp was offering just 1.0002 euros per pound at Bristol Airport on Thursday when the market rate was 1.17504 euros. The firm also charges £4.99 commission on orders below £300, meaning customers receive about 95 euros from £100.

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Ian Strafford-Taylor, of FairFX, said: 'Some currency providers appear to be taking advantage of the current volatility in the pound by offering extremely poor exchange rates when compared with the market rate and how they normally operate.'

Read the full article here.

Monday 11 July 2016, 10:29am

Pound to Euro exchange rate: Summer holiday blow of more than £200 as Sterling slides

Evening Standard

Millions of families are set to be hit with a summer holiday “Brexit blow” of more than £200 following the slump in the value of the pound, it was revealed today.

Sterling’s 10 per cent fall against the euro since the referendum will saddle families with a significant hike in the cost of their holidays in Spain, France, Italy, Greece and other European hotspots.

Ian Stafford-Taylor, CEO of travel money firm FairFX, said: The Brexit vote had an immediate impact on the value of the pound, with sharp drops since the result.

“Looking ahead, those holidaymakers who have yet to buy their summer holiday money should keep a very close eye on currency movements to make the most of any currency uplifts so they minimize eating into their daily holiday budget.”

Read the full article here.

Friday 08 July 2016, 09:47am

Where to splash the holiday cash post-Brexit: Destinations with good exchange rates for UK tourists include Argentina, South Africa and Norway

Mail Online

  • Since Brexit, the pound has weakened against the euro and the dollar
  • But plenty of countries still offer good exchange rates for Brits
  • Destinations include Argentina, Zambia, Norway and Sweden

Ian Strafford-Taylor, CEO of FairFX, commented: 'The Brexit referendum had an immediate impact on the value of the pound with sharp drops and volatility since the result on Friday morning, but concerned holidaymakers can try avoid the fallout by being smart about where they book. 'Picking destinations which offer favourable long-term rates mean that you'll get more for your money and therefore much better value this summer.'

Read the full article here.

Friday 01 July 2016, 08:44am