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Published on : Saturday, August 20, 2016
Since the 23 June Brexit referendum vote, certain London airport bureaux de are now returning less than €1 for each pound showing that how there has been a slide in the value of the sterling. It needs no special mention that it is already holidaymakers in the pocket.
According to Caxton FX, MoneyCorp at Stansted offered €0.9915 and ICE at Luton offered €0.990. The pound is currently trading at €1.1622 against the euro, its lowest since the summer of 2013, but still 17 per cent higher than the exchange rate offered in these airports.
A Caxton FX spokesperson added that there is no fixed spread between the market exchange rate and the rate offered by airport bureaux de change, however, the normal discount normally varies by between 10 and 13 per cent. He also added that the rate would often vary between the booths of the same money changing company in different airports. The managers are generally the pricing decisions makers based on what they estimate the captive market of potential customers in different locations will bear.
Caxton said the best London airport euro exchange rate was on offer at Gatwick, where ICE exchanged each pound for €1.05.
The closest rate that the airport money changers reached was to €1/£1 threshold since the Brexit vote and this was the first time they have crossed it since the 23 June referendum. It is thus, advisable to the holiday makers that they should sort out their money before reaching the airport for their trips. Any airport bureau de change usually provides the worst possible rates to walk-up customers. Some of the best deals are offered if the visitors pre-pay for Euros online and then pick-up cash at the airport.