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Brexit update | Travelex currency commentary

24th June 2016

Commentary from David Swann, Head of Pricing at Travelex:

Well what a momentous day it’s been…

The UK public (the majority anyway) has voted to leave the European Union and the British Prime minister has announced that he will be stepping down by October. It’s certainly not a day that any of us will forget any time soon.

But I’m sure if you’ve stumbled across our site you’re probably looking to travel abroad (or overseas) soon and wondering: when should I buy my travel money? How will I know if I’m getting a good deal and how can I make my money stretch further during my trip?  

These are all very good questions and if I had a crystal ball – alas I don’t – it would make responding to these questions, particularly the first one a lot easier. Anyway, here’s my two cents worth…

When should I buy my travel money?

Absolutely no one, no matter how intelligent or smart you think they are, can tell you when to buy and guarantee you that it’s the absolute best time. The truth is, even on a normal day, no one can know with certainty how currencies are going to react. Our advice for our customers is that they should continue to monitor rates using tools like this one and buy at a time that is right for them.

How will I know if I’m getting a good deal?

Firstly, always purchase your money through a legitimate, trusted and recognised travel money provider. Secondly monitor the rates prior to making a purchase, try to be as informed as possible before making your purchase; and finally, you can generally get a better deal by pre-ordering online and then collecting from a store. For example in order to secure Travelex’s best rates we advise our customers to order online and then collect from one of our stores, such as the airport ones, before they fly out for their trip.

How can I make my money stretch further during my trip?

So there a few things you can to do be moneywise whilst you’re away.

Just because you’re on holidays or travelling, don’t forget to check-in on rates when you can. It’s all too easy to slip into holiday mode and forget about the exchange rates. Also make sure you’re clear on what fees and charges apply to the card you plan to use whilst abroad before you go. 

It’s also worthwhile researching tipping and bartering customs in your destination as you could save yourself some money – and embarrassment!

Take the right currency needed for your destination and don’t rely on them accepting euros or US dollars – this will make your transactions considerably more expensive if they have a local currency.

Anyway, that’s all from me, hopefully it was useful. We’ll continue to post updates here on this blog with useful information over the coming weeks.

David Swann (AKA Swanny).

David Swann is our head of pricing for the UK, US and Europe. 

For all the latest currency news, head to our Travelex exchange rate updates section.