Airport Parking and Hotels (APH) Compares Foreign Exchange Rates of UK Providers

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With the pound recently falling further against the value of the Dollar and Euro, banks and money exchange services have reported record sales in travel money orders, with Sainsbury’s Bank Travel Money seeing online orders for foreign currency almost tripling in February*.

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This research highlights the fact that it’s advisable for travellers to shop around when exchanging their holiday money, and that the high-street does not always offer the best rates.

With the pound recently falling further against the value of the Dollar and Euro, banks and money exchange services have reported record sales in travel money orders, with Sainsbury’s Bank Travel Money seeing online orders for foreign currency almost tripling in February*. In order for travelers to ensure their holiday budgets stretch as far as possible, Airport Parking and Hotels (APH) has compiled a guide highlighting the best foreign exchange rates available in the UK market. The research is available in the Know Before You Go section of the website at http://www.aph.com/news/knowbeforeyougo/foreign-currency-rates.shtml.

The research compares the foreign exchange rates for popular currencies offered by 13 of the top money exchange companies in the UK, including the Post Office, Marks & Spencer, Moneycorp and My Travel Cash.

Both ICE and My Travel Cash were found to offer the best overall exchange rates for the 15 currencies incorporated in the research, including the Canadian Dollar, Japanese Yen and New Zealand Dollar. The best rate for the Canadian Dollar (as of 11th March 2013) was $1.50 to £1, with ICIC Bank and ACE-FX also offering this rate, and the best rate for the New Zealand Dollar was $1.78 to £1.

For holidaymakers travelling to the Eurozone this summer, the exchange rate varied between €1.10 and €1.13 with Moneycorp, ICE, ICIC Bank and Covent Garden FX all offering the best exchange rates. M&S, however, was found to offer the lowest rate at €1.10 for every £1 converted.

Overall, HSBC was found to provide the least valuable money exchange service, offering the poorest exchange rate for 12 out of the 15 currencies. The exceptions lay with the Mexican Peso, where Sainsbury’s Bank offered the worst exchange rate at $17.22MXN to £1, closely followed by HSBC selling at $17.34MXN to £1, and the US Dollar where My Travel Cash offered $1.44 to the £1.

Nick Caunter, Managing Director of APH, says: “Holidaymakers are now, more than ever, looking for the best value-for-money in all aspects of their holiday and are therefore exploring all possible ways of ensuring their holiday budget goes that little bit further. This research highlights the fact that it’s advisable for travellers to shop around when exchanging their holiday money, and that the high-street does not always offer the best rates.”

For further information on Airport Parking and Hotels (APH), visit http://www.aph.com or call 01342 859515.

About APH:

Airport Parking and Hotels (APH) is the UK’s award winning long stay airport parking operator and booking agency, after winning the Best Airport Parking Company for a third year running at British Travel Awards 2012. This year APH also celebrates its 33rd year as a retailer and operator of pre-booked airport parking and travel extras. APH offers parking at all major UK airports as well as airport hotels packaged with parking and airport lounges. APH is also a carbon balanced company and has, through support of the World Land Trust, helped purchase more than 1,000 acres of endangered rainforest.

*Sainsbury’s Bank Website February 2013 http://sainsburysbank.thepressdesk.co.uk/pages/136/2010+Press+releases.stm?article_id=794

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Sarah Salord (nee Falkingham)
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