Last week we witnessed the pound crash to its lowest level in three years, which is worrying stuff at the best of times, but doubly concerning if you’re jetting off this half term. With some of our help, we have some tips to ensure you get the most bang for your buck.
Now, airport bureaux de change have always capitalised on leave-it-until-the-last-minute traveller’s lack of exchange options. But with the plummeting pound, Brits are set to lose out even further.
Traditionally, Brits have enjoyed a favourable exchange rate against the euro. However, the official figure fell to just €1.10 to the pound. At the airport, you can expect to see the exchange rate stand at just €0.97 to the pound.
For a family converting £500, this would garner just €480. A measly sum when compared to the €545.85 that can be found online: a whopping €65.85 discrepancy.
Elsewhere, some airports were selling for as little as just €0.88.
To avoid hidden costs, be aware of extra fees and charges for withdrawing money. Use cash whenever possible.
James Daley of consumer group Fairer Finance advised: “The best way to avoid getting stung is to put the right bank cards in your pocket before you go. Taking money out from cash machines overseas can be expensive if you’re using your everyday debit card.”
Online services like bestforeignexchange.com currently match the market rate and offer €1.103 to the pound.
We recommend that those travelling abroad should get ahead and order currency now, as several services offer cancellation policies if the pound recovers.
Set up a currency alert before you go; this way you will know when the best exchanges are available. Travellers should also consider getting a prepaid currency card to avoid hidden charges.
Have you protected your foreign currency with travel insurance? Get a quote with us today and you’ll be one step closer to that relaxing half-term break.