Ahead of the UK election on Thursday 8th June, there has been talk from market analysts that the value of the pound could plummet in a similar way it did after the Brexit vote last June.
£1 for €1 is not inconceivable and as such, it might be worth purchasing your holiday money now, ensuring you get as much bang for your UK pounds when converting into foreign currency.
As experts will testify, trying to predict the currency market and in particular the exchange rate is impossible, but planning ahead is highly advisable and with a few easy steps you can save yourself a fair bit of money.
Sally Francis from MoneySavingExpert.com
said: “The reality is no one knows for certain what will happen to the pound after the election – some may accurately guess, but there’s no certainty. Instead, ensure you’re getting the best rates for your holiday cash when you go
With our Pay & Collect service you can pay online to secure the current web rate and then collect in branch up to 7 days later. Or if you’re travelling later on in the year, visit one of our branches to pick up a free Multi-Currency Cash Passport
and load with currency now. You can store up to 10 currencies on the card at once and no matter what happens with the election, you will have secured a good rate. You just need to be over the age of 18, a UK resident and load a minimum of £50 or the equivalent.
If you’re looking to transfer funds overseas in the near future, you can lock in an exchange rate for up to 12 months with a forward contract
. Speak with one of our International Payments advisers for more information and guidance.
Editor in chief of money.co.uk Hannah Maundrell said, “Holidaymakers who are worried about a volatile pound should buy half their holiday money now and half closer to the time
Sound advice. And there are many more tips and theories out there.
Whether you take advantage of the rates prior to the general election or make use of the prepaid travel cards; exchanging your money before you reach the airport will result in up to 15% More Currency
in YOUR Pocket with eurochange!
Our survey, based on transactions conducted on 22nd April 2017 found that you would be on average 20.6% better off if you had bought £100 of euro and 15.4% better off if you had sold €100, at eurochange Hounslow rather than at the airport bureau de change surveyed. That would be an extra 16.22 euros – and would go some way into softening the blow if the pound does weaken after the election.
Multi-currency Cash Passport™ is issued by R. Raphael & Sons plc, pursuant to license by Mastercard International Incorporated. Mastercard® and the Mastercard Brand Mark are registered trademarks of Mastercard International Inc. Raphaels Bank is a UK Bank authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (registration number 161302) and is permitted to issue e-money. Head office and registered office at 19-21 Shaftesbury Ave, London W1D 7ED, company registration number 01288938.