• [Dailystar Icon]
• Travel
• Travel News
• Holidays

Travel money expert reveals the one thing you should never do when you buy currency

A study conducted by eurochange found that Brits lose over 200 in spending money when they buy euros or dollars at an airport, so it's important you don't leave it until last minute

[The travel expert looked at the currency rates at five of the busiest airports]

The travel expert looked at the currency rates at five of the busiest airports(Image: Getty Images)

Brits are getting ready to pack their bags, check their passports and board the big bird in the sky for their summer holidays this year. Many of them, however, are making the wrong decisions when it comes to buying their currency, according to a new study.

Eurochange has discovered the sheer amount of spending money travellers are wasting when buying currency at an airport.

This is due to exchange rates being 13% higher than on the high street or online.

The travel expert looked at the currency rates at five of the busiest airports in the UK; Birmingham, Edinburgh, London Heathrow, London Luton and London Stanstead.

They found that Brits could be losing out on over 200 when buying 1,000 euros or dollars.

[Brits could be losing out on over 200]

Brits could be losing out on over 200(Image: Getty Images)

London Stanstead is one of the worst with a euro exchange rate of 0.9076 per 1, meaning holidaymakers could lose 208.80 when they convert 1,000 euros in cash, compared to on the high street.

While for USD, they spend 193.93 more when they buy 1,000 dollars.

When it comes to the best UK airport for currency exchange rates, the study found Birmingham Airport as the best one.

Here, 1,000 euros are a massive 52.82 cheaper than at London Stanstead, but note this is still significantly higher than on the high street or online.

[When is the best time to get your holiday money?]

When is the best time to get your holiday money?

Reacting to the study's findings, Laura Evans-Fisk, head of digital engagement at eurochange, said: Its shocking to see the huge difference in rates across UK airports, and the huge amount of money Brits could be losing out on if they wait until they get to the airport before exchanging their cash.

"Changing money at the airport is absolutely the least cost-effective way of picking up your holiday money, as rates can be up to 13% higher than they are on the high-street or online.

"This is simply because there is much less competition, and they know customers arent shopping around for the best deal, so they can rack up the rates.

But when is the best time to get your holiday money? Lucy has everything you need to know.

"Typically, the EUR rate only moves very slightly over any given month," she explains.

[An expert said: 'Its shocking to see the huge difference in rates across UK airports']

An expert said: 'Its shocking to see the huge difference in rates across UK airports'(Image: Getty Images)

"Even when the exchange rate differs marginally when buying larger amounts, it can soon add up, so its worth keeping a close eye on the exchange rate before you head off on holiday.

"I would always recommend buying your euros before you get to the airport as the exchange rates tend to be far lower if you buy them in branch or online in advance.

"Typically, Monday through to Thursday is the best time to buy your euros, as these are the least busy days for transfers, so you might see a little less fluctuation in the mid-market rate over these days.

"If you arent keen on carrying around physical cash, prepaid travel money cards are a great option, especially if you are going to need multiple currencies whilst youre away, plus you dont get charged for using them, as you often do when you use a normal bank card."

For more information, and to view eurochange's study in full, visit the travel expert's official website.

For the latest breaking news and stories from across the globe from the Daily Star, sign up for our newsletters.

[Dailystar Icon]

ENJOYED THIS STORY?

Choose Daily Star as a 'Preferred Source' on Google News for quick access to the news you value.