Holidaymakers thinking of a last minute trip to the Continent this half term, or those eagerly planning Easter and Summer holidays, will get more bang for their buck as the pound rises to a seven-year high against the euro.
The pound is currently worth €1.353; a figure not seen since 2008. This means that British travellers are about 12% better off than last year when the pound was trading at 1.20 euros.
So what does this mean for your upcoming trips, and how can you take advantage of the strong Pound? Here are our top tips:
#1: Pick the right destination
When planning your trip you need to pick the right location. If you are travelling within the Eurozone then destinations such as Portugal and Spain offer the lowest living costs and accommodation. However, if you have been avoiding the more ‘luxury’ locations like Italy or the South of France because of the higher cost of living, then now would be the perfect time to visit.
#2: Make the most of the exchange rate now
While we don’t have a crystal ball to predict how the exchange rate will play out, we suggest cashing in on the strong Pound sooner rather than later. Holding out for a better rate could leave you out of pocket, especially considering the uncertainty surrounding the newly-elected Greek government and the upcoming general elections.
#3: Choosing the cheapest currency exchange route
It’s worthwhile to remember that most major banks will charge extortionate rates to use cards on foreign transactions. If you have planned your trip in plenty of time then consider applying for an overseas credit card that offers an attractive exchange rate and no additional fees.
If you don’t want the responsibility of a credit card, then you could purchase pre-paid cards. These cards can have fixed rates to take into account advantageous spikes, or you can pay the exchange rate on the day you load the card and not at the time of purchase, so you don’t get stung by higher fees.
If you are happy to wade through the various commissions, then the alternative option is to get cash. To get the best deals it is always better to order online and collect.
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