Between the beginning and end of July, the value of the pound seemed to fluctuate almost daily. Anyone going on holiday and wanting to make the best of the tourist exchange rate may have experienced great difficulty deciding when to change sterling in order to get the best deal.
Information from leading tourist exchange businesses indicates that tracking the ups and downs seems to change daily. Over a three week period in July, the sterling exchange rate recovered but the outlook was bleak. It rose, stopped, declined, rose and slumped again, just as the euro rallied!
A weaker pound means less favourable tourist exchange rates. It's very difficult to know when to purchase foreign holiday money in volatile monetary times in the eurozone and globally. Tourist exchange rates are always changing but overall the current economic climate has seen tourist currency exchange rates to the pound take a sharp turn for the worse. With the weaker pound, UK holidaymakers have found that their pounds generally don't buy as much foreign currency as they expect.
Just as challenging is deciding where to buy your foreign currency and opinion about where to buy is subjective. Most of the accessible information comes from those businesses engaging in tourist currency exchange. Those encouraging you to order your currency in advance or online, may suggest that currency exchange counters at airports, stations and hotels, although convenient, offer the worst tourist exchange rates and that by ordering your currency in advance, you're much more likely to get a good tourist exchange rate.
Try to get the best value on tourist exchange rates. Do your research, compare prices and then look for the package that will best meet your needs and wants. Decide whether that is cash, travellers’ cheques or a currency card and whether you want home delivery, local collection or pick-up on departure. Also explore whether it comes commission-free and if there's a good buy-back deal on your unused holiday money available. Finally, just check that the sterling exchange rate for tourists is not in fact better at your holiday destination!
If you want to find out more, contact one of the team who will be happy to help.
Comments (2)
David ARMER:
Aug 10, 2011 at 10:13 AM
Can you suggest a source, or web site, that will provide the info you suggest we view? Will it vary with destination?
Hilary Lance:
Aug 10, 2011 at 05:42 PM
Please can you advise on the pros and cons of a currency card eg the Post Offfic card Am I correct that once loaded these can be used from the vendors point if view as if they are a credit card. Arethey widely accepted in eg Italy? (Obviously the advice given by you above applies as to timing of pre-loading)
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