Pound Hits 31 Month High Against Euro

Advice for customers when the best time is to buy their holiday money this winter by travel money

The pound’s value rose to above the key 1.18 level against the Euro and 1.31 against the U.S. Dollar over the course of the past 24 hours.

Amidst Brexit uncertainty and a general election fast approaching, it seems that the value of the pound these past few months has been unpredictable. At this time of year, many will be preparing to head off on their winter Christmas breaks and for them, it can be incredibly difficult to know when the best time is to exchange currency.

Should holidaymakers buy their holiday money now or wait in the event the pound gets even stronger? WeSwap has provided an insight into how to capitalise on the strength of the pound and ways to make your holiday money stretch further this Christmas.

Rob Stross, CMO of WeSwap: “It goes without saying but when the pound is riding high, it’s a good time to buy your travel money. But sometimes it can be hard to know whether to stick or twist. What if the pound gets even stronger? We’d recommend doing some research, seeing when the pound was last this strong and keeping an eye on upcoming political events. Remember, the FX market likes stability. If you can’t bring yourself to exchange all your money at once, consider exchanging half your money now and half if the pound strengthens even more or starts to weaken.

“If you don’t want to miss out on future market highs, there are several rate alert systems you can use. Our Smart Swap feature is one example of these. Above all, avoid buying your holiday money last minute. Bureaux de change at the airport or train stations nearly always offer awful rates. Despite advertising 0% commission, they often mark up their exchange rate to include fees of anything up to 13%, knowing holidaymakers have no choice but to accept.”

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