When is best to buy holiday currency?
One in 10 holidaymakers admit to exchanging their Sterling at airport booths across the country currently.
Yet a recent survey, by beach holiday experts On The Beach, has suggested Britons are losing money by doing so – and should therefore think ahead and purchase their currency prior.
Their research showed airport exchange booth rates can be as much as 28 per cent lower than those available online.
On a purchase of €700, consumers could be losing £174, with a total cost of £787 at Stansted airport in comparison to £613 using an online currency site.
Where can holidaymakers buy currency?
Currency can also be bought online, at the Post Office and from specialist exchange rate stores.
It is also available at some travel agents.
On The Beach’s survey found some of the bet rates could be found through pre-ordering.
Yet it stated only 17 per cent of Britons plumped for the cheaper exchange websites, while 60 per cent use traditional high street stores.
What have experts suggested as top tips for holiday currency purchases?
Money expert, Sue Hayward, said: “Don’t buy currency at the airport.
“It may be easy, but it’s a waste of money as rates are usually much lower than the high street or from ordering in advance online.
“Packing a ‘pre-paid’ card means you can lock in your exchange rate and saves carrying a wallet full of cash.
“Stock up on small change. Ask for some smaller notes when changing money, or you may have a job breaking a 100 Euro note for a £5 taxi ride.”
What impact has Brexit had on the exchange rate and holiday currency for Britons?
Brexit negotiations – which are still ongoing – has sent the pound to euro exchange rate fluctuating of late.
The prospect of a no deal Brexit, which was voted down in its entirety by members of the House of Commons this week – sent sterling plummeting.
Meanwhile, after this was ruled out, the pound saw a resurgence.
On Thursday, MPs voted for an extension to Article 50, which would delay the entirety of the Brexit process, yet it remains to be seen what overall impact this will have on currency.
Published at Fri, 15 Mar 2019 04:01:00 +0000