Most people are only able to travel because of availablecheap travel options, such as cheap airplane tickets, discount hotel rooms, and cheap vacation packages. What many overseas travelers do not realizeis that the exchange rates at airports can often result in them being rippedoff.
British travelers who exchange pounds for euros at someBritish airports get 19 percent less than the bank rate on foreign currency.
The Moneycorp exchange desk at Southampton airport recentlyexchanged 500 pounds for only 439 euros, when 500 pounds would have returned542.5 euros at the prevailing bank rate, and a minimum of 537 euros at a no feeATM.
Airport ATMs operated by exchange outfits tend to give thesame lousy rate as exchange desks. Thisis true not only in England, and Europe, but also throughout the world at mostinternational airports.
While an exchange rate as bad as a 19 percent differentialis probably a little worse than average, such rates tend to be about 15 percentbelow bank rates.
The rule of thumb you should follow when traveling is to doyour best not to exchange cash, and especially not exchange cash at anairport. The 3 percent foreign chargegouge on some credit cards charges is nothing compared to the typical airportgouge.
The best way to avoid this gouge is by not exchangingcurrency at the airport. Even if youland with no local currency, use a credit card to get into town or find an ATMoperated by a legitimate bank.
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