'An airport cash machine has ripped me off'
Simon has worked in Financial Services for over 40 years. He covers a wide range of topics such as banking, mortgages, borrowing, care and insurance.
I withdrew some euros at Gatwick airport before my trip to Geneva a few months ago and I saw an exchange rate of £0.8851 to €1, which I thought was close to other rates that I had been looking at.
When I checked over breakfast after drawing my cash out, I was horrified to see I had been charged £338.94 for €300 – the rate was actually the other way round and equivalent to £1.13 per €1.
Is this fair?
J Bradshaw from London
'Airport cash machines should only ever be a last resort'
Simon Dicey, Which? money expert, says…
This is shocking but not surprising: airport cash machines and bureaux de change are terrible places to buy foreign cash.
For context, over the past five years, the pound has never been more than £0.9 to the euro.
If you don’t need cash as soon as you land, you’re better off using a debit or credit card that’s fee-free for use abroad (see p53 and p57 respectively). These are convenient and tend to have competitive exchange rates.
Use a comparison website to find which exchange bureau offers the best rates
Lower fees are generally found at ATMs at foreign bank branches. Always choose to be charged in the foreign currency, to avoid double conversion.
If you require cash for when you land, you’re better off buying it in the days before your holiday.
Use a comparison website to find which exchange bureau offers the best rates. You’ll tend to get a better rate if you exchange large amounts.
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