Unfortunately, it seems holidaymakers have already been hit by the uncertainty of Brexit.
“Equals found that if holidaymakers bought currency when rates were at their lowest in the last 12 months compared to when rates were at their highest, the nation would have collectively lost £3.97 billion[i] (that’s around €154 each for every £1,100 exchanged) just by exchanging currency on the ‘wrong’ day,” explained Ian.
Furthermore, the travel money experts also discovered that Britons were returning home with approximately £177 worth of leftover currency.
“The safest way to guarantee getting an exchange rate you’re happy with is to lock-in the rate on a prepaid card when the pound is doing well. It also means you avoid losing money when you return from your trip and have to change any leftover cash back into pounds if the exchange rate has worsened.”
Ian adds:“If it’s on a prepaid card that’s fine, you can save it for future trips or switch to a different currency, but if that’s in cash, you’re left at the mercy of buy-back rates which are rarely favourable.