Brexit’s been in the minds of millions of Brits for the past few years. Many of them have holiday plans and are wondering how the UK’s exit from the EU will affect their travel plans now and in the future and the pounds in their pockets.
After years of truths, false-truths and arguing between leavers and remainers, it is inevitable the UK will be leaving the European Union on Friday at 11 pm. Before this happens, the Bank of England will be announcing whether or not it will change interest rates.
It’s all a bit confusing, and many UK holidaymakers will be sitting at home or work, wondering what will happen to the pound in their pockets and what is the best way to ensure they get the most for their money.
Rather than us trying to produce an answer, Rob Stross, the CMO of the UK’s largest Peer-to-Peer travel money provider, WeSwap, has provided some advice and guidance for holidaymakers who may be escaping the UK for some winter sun.
Rob said: “There are lots of factors at play at the moment and it is near impossible to predict exactly how Brexit and upcoming political events will impact our everyday lives and our freedom to travel to all corners of the globe. For those who are still planning on booking last-minute winter breaks, it is best to prepare as early as possible for any possible outcome.
From travel insurance and checking passports to buying foreign currency, preparing these as early as possible is more likely to mitigate risk.
As for holidaymakers looking to get travel money, it may be more difficult to plan when to buy currency and also more challenging to predict the value of the pound in the upcoming months. In light of this uncertainty, it is always best to exchange money as early as possible.
Last minute travel money purchases, in locations such as at airport bureaux, are always likely to lead to less bang for your buck as merchants are able to offer whatever exchange rate they like, knowing holidaymakers have no choice but to accept. As for those who are concerned about the possibility of the pound’s value falling further due to current political events, it may be best to buy half of your holiday money today and a half later.
That way, you can ensure that you avoid paying higher rates on all of your cash.”
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