Birmingham Airport among most expensive for foreign currency
Birmingham Airport is one of the most expensive in the UK for buying foreign currency, a report has claimed.
The research also reveals British travellers heading abroad could be paying as much as 11 per cent more for foreign currency if they leave it until they get to their departure point.
Travelex foreign exchange bureau at Birmingham tops the hit list, along with Luton, Bristol and London City airports.
According to the research, over the last 15 months the average profit margin on currency bought at UK airports is around seven per cent.
Heathrow typically offers the cheapest currency, and the figures show customers using regional airports are paying extra charges compared with the big London airports and other currency exchange methods.
Research conducted by YouGov shows three quarters (74 per cent) of travellers typically use cash when they spend abroad.
But currency exchanged outside of the airport can also be overpriced, with most high street providers charging an average five per cent premium.
The one-in-four Brits who favour plastic will also be paying a premium to use their cards abroad, usually around three per cent.
Stephen Heath, chief executive of FairFX.com, a pre-paid currency card provider who compiled the report, said: "Holidaymakers will be in a complete rush when preparing for a trip abroad, and either fail to organise currency before they get to the airport or opt to use costly credit or debit cards for their foreign spending."
A spokesman from Travelex said: "The customer is paying for convenience because a lot of the stores are open 24 hours a day."