Less than one Euro to the pound at UK airports; Revolut will give you €1.10

Rob Braileanu

 · 11/10/2016  · 11/10/2016

UK travellers are being exploited by exchange bureau’s at UK airports; we need your help to let them know about it.

We’d actually like to formally invite Moneycorp, Travelex and all other UK exchange bureaus to Revolut HQ for a lesson on how to offer better exchange rates (and we’ll even throw in a free t-shirt!).

The day will include:

  • Breakfast with the CEO
  • Lesson in ethics and profit vs profiteering
  • Lesson in providing the best exchange rates
  • Lunch
  • Lesson in crafting beautiful mobile experience
  • Complimentary Revolut card and t-shirt


How are travellers being exploited?

Today, the interbank exchange rate is €1.10, which means a holiday budget of £1,000 should buy you €1,100. However according to the BBC, travellers are now being offered less than one Euro to the pound at UK airports. Therefore in reality, your budget could get you as little as €888.

The average rate available at UK airport exchange bureaus is €0.99 to the pound. Those travelling from Southhampton airport are being hit the hardest, with MoneyCorp exchange bureau offering only €0.88 per £1.


Why are their rates so low?

Foreign exchange services effectively make up the exchange rate to make a profit. Although last Friday’s ‘Flash crash’ certainly made a dent in the rate, the pound sterling is still trading at £1 for €1.10 on the Forex market.


Source: http://www.bloomberg.com/quote/GBPEUR:CUR

Despite advertising 0 per cent commission, exchange bureaus hide their fees in their rates. UK airports exchange bureaus are charging travellers an average of 9% to exchange their money.

How can I avoid hidden fees?

Easily, just download the Revolut App on Android or iOS and order yourself a free RevolutCard. By ditching the airport exchange bureau in favour of a RevolutCard, you could get at least an extra €101.

Revolut allows you to spend in 120 currencies with the interbank rate (the rate you’ll find on Bloomberg). You can top-up your account with pounds, euros or USD, and we’ll automatically convert your balance when you use your RevolutCard abroad.

Let other travellers know!

We need your help to let other travellers know about the rip off rates at UK airports. Let your friends, family or pet 🐢 know how they can get an extra €101 for their holiday. Let’s stick it to the exchange bureaus.

Warn your friends now!