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What uncertain exchange rates mean for summer holidaymakers

Gino Ravaioli, chairman of the Dynamic Currency Conversion Forum, said: “The pounds volatility is li..

By Sunday Herald Team , in Travel , at June 7, 2019

Gino Ravaioli, chairman of the Dynamic Currency Conversion Forum, said: “The pounds volatility is likely to mean uncertainty and confusion when it comes to holiday spending this summer.

“If the weak pound does push British holidaymakers to venture further afield to non-eurozone countries – such as Turkey, Tunisia or Bulgaria – many may opt to pay by card rather than exchanging cash before they jet off.”

Nick Boden, head of Post Office Travel Money, added the “pound still packs a punch” in some short-haul destinations. “In Europe, sterling is performing best against currencies for Turkey, Sweden and Hungary, so a city break in Stockholm or Budapest or a beach break in Marmaris will give you more cash in your pocket than in other destinations,” he said.

Peter Lilly, business development manager of foreign exchange specialist AFEX, added that rates of European currencies against the pound were actually “comparable” with previous summers since the 2016 EU referendum.

“The cost of travel money to holidaymakers shouldnt be much higher than in previous years,” he said. “Yet, if the public perceive that the pound is weak, then we could see an impact.

“For instance, we have witnessed on a couple of occasions where foreign exchange rates for travel money have caught the headlines – normally when sub-parity exchange rates for euros have been offered in airports.”

Despite the pounds instability, many holidaymakers still leave it until the last minute to obtain their foreign currency. Specialist forex firm Caxton found 25% of people purchased holiday money only days before depaRead More – Source

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