Heading off to Benidorm for a week of sun, sangria and sand? Brits have been urged to double check the currency conversion rate if they’re going to be swapping pounds for Euros
Sun-worshipping holidaymakers jetting off to Benidorm have been issued a cash warning. It comes after one Brit went into the centre of the tourist hotspot to convert some pounds into Euros, and left feeling rather stung.
Rosiee Stockdale didn’t take notice of the poor conversion rate when she entered the currency exchange shop, which has garnered an infamous reputation amongst Benidorm regulars. In photos posted on social media, the ‘shafted’ traveller showed how she gave £300 and was given just €270 back (a dire rate of 0.9). According to Olive Press, an expat news site in Spain, Rosiee said: “I’ve been completely shafted at this place. I should have checked the rates but I just wanted to exchange money. I just want to warn others.”
At the time of writing, mid-market rates state £1 = €1.20189, meaning £300 is worth around £360.56. However, these rates are derived from the mid-point between the ‘buy’ and ‘sell’ transactional rates from global currency markets. For a better reference, Travelex in Manchester Airport is offering €353.52 £300 (a rate of £1 = €1.1784). Flocking to the comments section on Facebook, many condemned the currency exchange shop for offering such a low rate. “Lesson learnt. They get away with it because they state their terms in very small print,” one user fumed. Another agreed, branding the company ‘scumbags’ but arguing nothing could be done.
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Many urged Rosiee to try the Indoor Market the next time she wanted to convert some money. On TripAdvisor, swathes of travellers raved about this place for offering ‘the best’ exchange rates in the area – plus, it’s a great spot to pick up some souvenirs and escape the blistering heat for a few hours. “Good place for gifts and to exchange money,” one person wrote. “We got things at a much better price in here compared to most places in Benidorm.” Another hailed: “Some good little cafes and also the safest place to change money at one of the many money exchange stalls ([they] all give exactly what is advertised. No minimum and no commission,” while a third added: “We always use the money exchange here when in Benidorm. There are some great stalls to browse around… It can kill an hour or two, and you may find a bargain.”
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