What does this mean for your holiday money?
As predicted, a vote to Leave has hit the Pound hard, especially against the Dollar. Sterling has dropped less against the Euro because the Leave vote has negative implications for Europe as well as the UK.
A Leave vote is also likely to mean continued volatility for Pound in the coming days, weeks and months as the way forward for the UK is unclear. The financial markets don’t like uncertainty and as a consequence of the vote, Sterling has become a less predictable currency.
Against this backdrop our rates will also move frequently as they have to move with the markets. Rest assured, we are doing everything we can to give you the best rates possible as always and we made sure we remained open for business all night throughout the referendum.
Now we have a weaker Pound we’d like to share some tips on how to get the best value for your money when travelling:
1 – Always pay in the local currency
If you’re given the option to pay – or withdraw cash – in Sterling rather than in the local currency when abroad, always pay in the local currency! Paying in Sterling allows the vendor to decide the exchange rate and it’s never in your favour.
2 – Lock in great rates
Looking forward to your summer holiday abroad? Keep control of what you’re spending and lock in great rates on your FairFX prepaid currency card before you go.
3 – Sign up to our Rate Alerts
Get a notification every time the rates are in your favour through our email Rate Alerts.
4 – Don’t leave it until last minute
Don’t leave changing your travel money until the last minute. Exchange rates at airports can be over 10% more expensive meaning you could lose £100 for every £1,000 you change.
5 – Don’t worry about leftover currency when you get home
If you return home to the UK with currency left on your card, either leave it on your card for your next trip, or use it in the UK fee-free.
Take a FairFX Prepaid Mastercard® on your next trip and you can lock in great rates before you travel, manage your spending through our app and share your budget with a Family & Friends Card.
Read our latest articles, commentary and currency updates on the affect of Brexit in our Brexit Hub.