Changing cash at airport.....

0891c

So, I made the classic mistake of changing case at the airport before flying, due to being in a tired state and not entirely thinking clearly.  I paid £150 and received 135 euros (0.936 rate). Now, I know rates are hideous at airport branches, but still.  The current rate for Pounds to Euros is 1.17 so I should have received 175Euros.  I must have had really bad brain fog not to realise this was a complete rip off.  I can't help but think a mistake was made and the exchange rate for Euros to Pounds was used by accident (which would make much more sense).  Or are rates really that hideous?  I kind of think I know the answer..  

la531983

No, the rates at airports are uncompetitive, chalk it down to experience and move on.

I_am_a_robot

Did they charge a transaction fee?  Makes smaller amounts even more of a rip off.

CKhalvashi

You agreed to sell one currency and purchase another at a rate you were happy enough to freely enter into a contract for.

Spread rates at airports are often around 40%. You should not have received more. The current mid market rate is irrelevant here.

mortgageFTB

You’ll never get the spot rate, because currency exchange businesses need to make a margin. You may be able to get close to it though.

but yes; exchanging currency at an airport as a captive audience = poor rates.

phatbear

I work in and around airports and cant remember the last time i saw the the rates being even close to £1 to 1 euro, i have seen it as low as 85cents to the £1. 

Before they completed the transaction they would have told you how much you were getting so that was your chance to walk away

Your statement.........."The current rate for Pounds to Euros is 1.17 so I should have received 175Euros" 

so if this was the case how do you expect these companies to make money? 

TELLIT01

phatbear said:

Your statement.........."The current rate for Pounds to Euros is 1.17 so I should have received 175Euros" 

so if this was the case how do you expect these companies to make money? 

I've just checked the current tourist rate from Eurochange and they do 1.1439 to the £ so the OP would receive 171.59 euro for his £150.  The rate offered by the exchange bureaux at the airport is nothing to do with not making money.  It's a captive market and they are making the most of it.

la531983

TELLIT01 said:

phatbear said:

Your statement.........."The current rate for Pounds to Euros is 1.17 so I should have received 175Euros" 

so if this was the case how do you expect these companies to make money? 

I've just checked the current tourist rate from Eurochange and they do 1.1439 to the £ so the OP would receive 171.59 euro for his £150. 

Yes,if he had pre ordered, at no point did he said he had.

TELLIT01

la531983 said:

TELLIT01 said:

phatbear said:

Your statement.........."The current rate for Pounds to Euros is 1.17 so I should have received 175Euros" 

so if this was the case how do you expect these companies to make money? 

I've just checked the current tourist rate from Eurochange and they do 1.1439 to the £ so the OP would receive 171.59 euro for his £150. 

Yes,if he had pre ordered, at no point did he said he had.

The 'over the counter' rate and the 'pre-order' rate at Eurochange differs by less than 1 cent.  Your post suggests that massive differences between pre-order and over-the-counter are huge.  That is not the case.  It's simply that exchange desks at airports don't need to be competitive for over-the-counter sales.

la531983

TELLIT01 said:

la531983 said:

TELLIT01 said:

phatbear said:

Your statement.........."The current rate for Pounds to Euros is 1.17 so I should have received 175Euros" 

so if this was the case how do you expect these companies to make money? 

I've just checked the current tourist rate from Eurochange and they do 1.1439 to the £ so the OP would receive 171.59 euro for his £150. 

Yes,if he had pre ordered, at no point did he said he had.

The 'over the counter' rate and the 'pre-order' rate at Eurochange differs by less than 1 cent

Reading back, where did the OP say the transaction was with Eurochange?  Not entirely sure why you have brought them into the conversation.

daveyjp

Cash at airports is generally a distressed purchase, even more so now with so many options for obtaining forex at spot rates using various cards, and just like fuel, drink and food at motorway service stations you pay for the privilege of the service being provided.