Avoid the ski holiday slalom of foreign currency charges

Travellers planning on hitting the slopes this October should beware when purchasing foreign currency, FairFX.com reveals. Holidaymakers who buy their foreign currency from the airport risk paying as much as 14 per cent more for their money if they leave it to the last minute.

Luton and Birmingham airports have been revealed to be the most expensive foreign exchange bureaux, charging unwitting travellers up to 14% more for their holiday money than if they had purchased it online.

FairFX.com's analysis reveals the UK's most expensive foreign exchange bureaux:

Luton Airport- ICE
Birmingham Airport- Travelex
Stansted Airport- MoneyCorp

Many travel money providers claim they offer travellers 0 per cent commission but this hides the true margins they add - meaning travellers aren't in the know and could end up sliding down a slippery slope of confusing charges and misleading advertising.

However, prepaid currency cards offer a different solution. They work just like a debit card but can be topped up via the internet or by text. The FairFX currency card offers rates for Euros and US dollars at less than one per cent margin above wholesale rates - i.e. giving all users ‘business' level foreign exchange rates.

Stephen Heath, Chief Executive of FairFX.com, said: "To avoid the worst rates on the market, which are generally found in airports and train stations, travellers need to get organised. As Sterling continues sink against the Euro, exchange rates will continue to fluctuate, and as the pound is expected to be weak for some time to come it is more vital than ever that people take steps to get as much as they can. By preparing in advance and buying your currency online instead of using costly debit or credit cards for foreign spending, travellers will be able to get the most bang for their buck this half term."

How does the FairFX card work?

The FairFX Currency Card is a MasterCard chip and pin enabled prepaid debit card. It differs from regular debit cards in two ways. Firstly, the cards are issued in either Euros or US dollars and secondly, funds must be loaded onto the card before they are available to spend. The currency to be loaded is obtained simply by logging on to fairfx.com and can be paid for by any sterling debit or credit card or internet bank transfer.