Exchanging money ahead of their holiday is one thing all Britons have in common regardless of their destination, however getting the best rate is becoming increasingly difficult with the volatile state of the pound. Brexit negotiations, and the possibility of a no deal Brexit, have seen the pound fluctuate rapidly in the past few weeks. With Prime Minister Boris Johnson staying firm to his word that the UK will depart from the EU on October 31 “deal or no deal” it seems more uncertainty lies ahead for the sterling. Already being felt by British travellers, brand new research has revealed over half of Britons are concerns about the impact Brexit will have on the cost of currency and ultimately their holiday.
According to WeSwap, a peer-to-peer travel money provider, 54 per cent of British residents say the cost of foreign currency is their greatest Brexit concern.
An additional 15.6 million think their annual holidays will be the thing most impacted once the country withdraws from the EU.
While the ripples of the EU departure are being felt across the nation, it seems younger people are the most concerned. A whopping 63 per cent of millennials expressed a fear the cost of their vacations will increase after October.
Meanwhile, despite the overwhelming number of 55+ residents voting for a ‘leave’ result, only 24 per cent of them feel confident their holiday plans will go unchanged by the knock-on effect of Brexit.
Speaking with Express.co.uk, Rob Stross, CMO of WeSwap said: “It is near impossible to predict how the pound’s value will change in the run up to the 31st October, however, it does pay to be aware of any upcoming political events which could affect the pound’s value so that holidaymakers can prepare as much as possible for any outcome.”
While the political landscape changes daily, at the time of writing the pound is on the up in light of the reinstatement of Parliament following the Supreme Court ruling that Prime Minister Boris Johnson’s prorogation was unlawful.
Should the PM manage to strike suitable deals for country, and avoid a risky no-deal Brexit, the pound is anticipated to retain some of its strength.
While the fate of the pound is unpredictable, Stross has offered some advice for British holidaymakers.
He said: “For those looking to go away during the October half term, it would be best to exchange money as early as possible.
“Last minute travel money purchases, in locations such as at airport bureaux, are always likely to lead to less bang for your buck as merchants are able to offer whatever exchange rate they like, knowing holidaymakers have no choice but to accept.
“WeSwap’s research has found that nearly half of all Brits find and buy their foreign currency on a single day, leaving them vulnerable to forces beyond their control that dictate the strength of the Pound.
“When shopping across travel money providers, holidaymakers should be aware of any up and coming big political dates and stagger travel money purchases accordingly, such as buying half of their currency beforehand and half afterwards as a simple way to mitigate risk.”
This advice was echoed by currency expert Alana Parsons, from Caxton FX.
She added: “Build up a travel money fund and lock in an exchange rate for your next trip on a currency card, keep a watchful eye on the rates so you can take advantage of any gains, and most importantly don’t leave it all to the last minute and avoid airport kiosks!”
