I was travelling back to London after a visit to our Tallinn office last Friday, and decided to take a snapshot of the currency exchange board at the airport. I always knew I was getting a bad deal at the airport currency exchange counter, but how bad is the exchange rate exactly?
Buying currency at an airport is probably the most expensive way to get your travel money. I compared the rate at the airport to what I would get from TransferWise. The difference is quite shocking.
Airport rate: 0.55 EUR/GBP
Airport fee: 0%
500 EUR * 0.55 EUR/GBP = 275 GBP
TransferWise rate: 0.74 EUR/GBP
TransferWise fee: 0.5%
500 EUR (100% - 0.5%) * 0.74 EUR/GBP= 368.15 GBP
Difference: 93 GBP.
The cost of changing money at the airport instead of using TransferWise is 93 GBP. That means you get 25% more if you're using TransferWise.
Been at an airport recently? Send me your snapshot of the exchange rate screen to erik.johansson [a] shs.fi.
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