British tourists heading abroad this summer are being hit by the poorest exchange rates in almost nine months, with airport bureaux de change offering as little as €0.89 per pound. At Stansted Airport on Friday, the Moneycorp bureau offered just €0.89 for each pound, one of the lowest rates ever recorded. Holidaymakers travelling to the United States fared even worse, receiving only one dollar per pound.
The rates at airport kiosks are far below the wholesale rates at which banks trade currencies. On the official foreign exchange market, the pound was worth €1.1169 and $1.3043. The pound fell below $1.30 on Thursday, its lowest level since September last year, following a surprise drop in UK retail sales in June.
A survey by currency firm Fair FX found that the average rate offered across UK airports is €0.97 per pound. This poor timing echoes last summer, when travellers at Southampton airport were offered just 86 euro cents per pound, thought to be the lowest rate on record.
The weak exchange rates come as the Office for National Statistics reported that Britons spent a record £44.84 billion abroad last year, a 2.4% increase on 2016. To mitigate poor rates, experts advise pre-ordering cash online or using specialist cards with low fees. Sally Francis-Miles from Moneysupermarket said: 'If you pre-order online and collect the cash at the airport, you will still get the online rate.' She also recommended ordering a specialist overseas credit card for trips planned within the next month.
