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Holiday budgets increase as sterling falls

Posted on 3 May at 9 AM Tags:

Holidaymakers planning a trip abroad are being advised that a drop in the value of the pound will mean spending more than they did last year. Sterling has fallen by around 9 per cent against the euro meaning that exchanging £1000 will now be £90 more expensive than the same time last year.

The cost of going away will also increase as the half-term holidays approach. Travellers are advised to start shopping around for the best exchange rates on cash now rather than waiting to do it at an airport, where the rates can be much higher. A fee free pre-paid currency card is a cheaper option than using a debit or credit card in another country because of ATM transaction fees.

A pre-paid currency card is also an excellent option for those worried that the value of the pound will drop further as they allow customers to lock in the exchange rate at the time of purchase.

It is also a good idea to double check the terms and conditions of any pre-paid card because customers may find that the savings made on exchange rates are lost thorough unexpected additional charges.

A transaction made on any card should be done in the local currency as dynamic currency conversion to sterling can be costly.

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