Holiday currency can often prove a headache for some travellers, with the rate fluctuating every day. In particular, currencies in the Eurozone have proved to be the most volatile, with the pound to euro exchange rate hitting the lowest levels since 2012 recently. Sterling is currently at the mercy of UK political developments, with ongoing Brexit uncertainty regarding the deal terms for the scheduled October 31 departure date. Today, GBP was “firm” against the run yet this has not always been the case this week.
Indeed, sterling has not reached the highs reached prior to the 2016 Brexit referendum.
UK travellers may well be in a quandary about how to get the best currency rates in a pretty bad situation, but travel experts say they should keep their cool.
Quite specifically, they should avoid doing one particular thing.
Experts from MyBaggage.com said: “Brits heading off on holiday in the coming months might be worried about the cost of their trip, given recent headlines about a weakening pound.
“It’s easy to simply accept the costs of converting currency before travelling abroad, but a little bit of research and forward planning could make your sterling stretch much further.
“Having a bit of extra cash in your pocket can really help you make the most of your break.”
They flag that Britons overseas should only use local ATMs as a last resort.
The expert said: “Brits who want to make every penny count should bring an adequate amount of the local currency with them before leaving the UK, rather than risk being stuck with the exchange rate in their destination.
“Using your debit card at a foreign cash machine will also usually see you incur a non-sterling transaction fee of around three per cent, with additional ATM fees – of around two per cent or a couple of pounds – much more common overseas than in Britain too.”
Meanwhile, today Express.co.uk reported how the pound is ending the week on a stronger, “firmer” note according to currency experts giving a glimpse of happiness for GBP.
It comes after a torrid week where sterling has been under pressure, tipping at lows not seen since 2012 this time last week.
Yet after slight reprieve yesterday, it is on a stronger footing.
The pound is currently trading at 1.090 against the euro, according to Bloomberg, at the time of writing.
Rehan Ansari, Head of FX Risk Management and Derivatives at Caxton FX, spoke exclusively to Express.co.uk about ending trading own a positive note this week.
He said: “Sterling firmed against the Euro yesterday after the release of UK Retail Sales data that beat market expectations.
“Following the data release the market maintained its upward trend throughout the day to post a new weekly high of 1.0923.
“The rally would have been welcomed by market participants that have a requirement to buy Euro’s against the pound.”
