Brexit has caused fluctuations for the pound to euro exchange rate, with currency experts admitting Britons have “significantly lower” buying power. Yet with the appointment of new UK Prime Minister Boris Johnson, current Conservative Party leader, the value of GBP has risen. This marks a stark departure from sterling’s six month lows, seen earlier this month, yet the UK currency has not yet reached the levels prior to the 2016 Brexit referendum. Currency experts have admitted exclusively to Express.co.uk while UK travellers might be missing out on the exchange rate of old, there are tricks that they can employ.
Louis Bridger head of UK at ICE currency, said: “Compared to June last year, the buying power Brits have when heading abroad is significantly lower.
“The Pound is currently at a six month low against the Euro – so yes, we’re generally in a worse position than last year.
“As ever, no one can predict the future, and trying to determine where the pound will be by the end of the week – let alone the end of summer – is tricky due to constant fluctuations.
“That’s why it’s more important than ever that holidaymakers are savvy about the method they choose to get their Euros.”
Revealing some key advice travels can take right now, Louis added: “My number one tip when it comes to travel money is planning ahead.
“Instead of waiting until you get to the airport or withdrawing from an ATM abroad, I’d recommend ordering your currency in advance via click and collect or home delivery to secure the best possible rate and avoid any surprise fees while you’re away.
“We’ve also just launched a new prepaid card that lets travellers spend abroad at a competitive rate, without paying the hefty transaction fees that most credit and debit cards charge.
“We’ve seen some of our customers putting a bit on their card every month to save for their holiday and choosing a day when the rate is strongest to put money on the card.”
With the peak season for holidays overseas in full swing, the tips could help Britons counteract the weak pound.
This week, Express.co.uk reported how travellers to the Eurozone were being urged to stock up on their euros to capitalise on the surge following Boris’ appointment.
Rob Stross, CMO of peer-to-peer travel money provider WeSwap told Express.co.uk that it’s always best for holidaymakers to be prepared.
He emphasised the importance of being abreast of political developments to know when is best to buy holiday money.
“The news that the pound seems to be more steady this week than in the previous months is great news for holidaymakers planning to jet off on their summer holidays this month,” said Stross.
“However, as we have seen, exchange rate can vary from day to day, so families should ensure that they get the most out of their money as possible.”
It remains to be seen whether the surge will continue through the summer holiday period.