The great exchange robbery - Airports a black hole for euros

Things are looking up for UK tourists planning summer trips to the eurozone as the pound perked up and reached a 20-month high against the euro this week. Sterling has rallied by almost 10 per cent since it sunk to a 2010 low point in March and is now worth four per cent more than a year ago - spelling good news for hard-pressed holidaymakers.

But new research from Post Office Travel Money has revealed that almost 1.2 million UK tourists visiting the eurozone are collectively wasting over £28 million every year by buying currency at UK airports.

According to the Post Office’s calculations, tourists buying euros at UK airports are wasting an average of £16.60 because they will receive a much lower exchange rate and also risk paying unnecessary commission for lower value transactions.

Sarah Munro, Post Office Head of Travel Money, said: "We compared rates at five UK airports with those available in Post Office bureaux de change branches and found that tourists buying at the airport would get far fewer euros for their pounds. In fact families changing £286 into euros at the airport face losing over £16 - enough to buy a round of drinks and eight ice creams in Portugal, summer 2010’s best value destination."