The past 12 months have been eventful for the euro against the pound, with exchange rates fluctuating between 1.24 and 1.43 – that’s a total fluctuation of just over 13%. With the EU referendum just around the corner, there is a great deal of debate amongst economists over what the effects of the Brexit could mean for euro exchange rates, but at the moment all we know is that further dramatic fluctuations may be on the cards.
So, what does this mean for UK holidaymakers who need to consider the cost of their summer vacations and exchange their spending money?
Careful planning
With such dramatic weekly and even daily changes in the euro to pound rate, holidaymakers need to be prepared for their trip to potentially cost them much more than expected if the pound becomes weaker against the euro. In order to get the best euro rates possible on your spending money, it’s really important that you monitor the rates in the lead-up to your holiday so you can get an accurate estimate of how much spending money you’ll need. Take a look at our tips to help you get the most from the euro for your upcoming holiday.
Use Compare Currency to discover the best rates
Every currency exchange service will offer slightly different rates, as well as commission charges and even delivery charges. Compare Currency can help you find the strongest rates in order to get more euros for your money, and it also provides extra insights into long-term rate ranges so that you can improve your knowledge of exchange rate trends.
Avoid using ATMs when abroad
It’s always good to know that you can use a debit or credit card abroad in case of emergencies, but with such fluctuating euro to pound rates, you should really try to avoid them as much as possible. Not only do most banks charge for money withdrawals abroad, but you also may not have the opportunity to check the exchange rate and could end up withdrawing money at a particularly poor rate. It may be worthwhile saving a little extra spending money, exchanging it for euros before you travel, and keeping it back for emergencies to avoid using your debit card abroad.
Save early and monitor exchange rates in the lead-up to your holiday
Make it a habit to compare exchange rates on a daily basis, and jump on the best rates as soon as you can, even if it’s a few weeks or even months before you travel. You may have to save up your spending money earlier than planned, but it will definitely be worth it when you get more euros for your money.