UK airports offering parity between euro and pound
£1 buys just €1 in some temrinals across the country as Sterling value continues to drop after Brexit
- Britain voted to leave the European Union last month, triggering market volatility
- Similarly low rates for the dollar also found in some airports
Updated : 15:59
Those British citizens heading off on holiday this summer should avoid last-minute currency exchanges at the airport, as some Uk terminals now have stalls offering parity between the pound and the euro, according to the Guardian.
Low rates have also been found in relation to the US dollar, with £1 exchanging for as low as $1.054 for some heading stateside.
The rates offered at all the big airports were substantially down on what customers would get if they pre-ordered currency, or used their bank card in foreign ATMs.
After the British referendum on EU membership in which the population voted to abandon the bloc, the value of sterling against the major currencies has fallen steadily, going from €1.30 before the vote to the aforementioned parity in the admittedly overpriced airport exchange booths.
Specialist in currency Caxton FX has referred to the ability of airport exchange shops to charge poor rates due to the last-minute nature of many purchases.
Rupert Lee Browne, CEO of Caxton FX, said: “Currency exchange bureaux at the airport have a captive audience, so they can offer outrageously poor rates and are still confident that people will purchase foreign currency from them.”
Experts advise travellers to load their cash on to prepaid cards to avoid the overpriced airport fees, or find a more reasonable exchange rate on the high street.