Travel money: Post Office introduce multi-currency pre-paid card
When you subscribe we will use the information you provide to send you these newsletters.Sometimes they’ll include recommendations for other related newsletters or services we offer.Our Privacy Notice explains more about how we use your data, and your rights.You can unsubscribe at any time.
The pound to euro exchange rate remains “just south of the €1.16 handle” today as the final full week of March trading draws to a close. There is little to shift the pairing with a “rangebound” day predicted by experts. The pound is trading at 1.1581 against the euro, according to Bloomberg at the time of writing.
Michael Brown, currency expert at international payments and foreign exchange firm Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures.
“Yesterday was a rather subdued day for the cross, which once again remains just south of the €1.16 handle this morning, towards the upper end of the recent range,” said Brown.
“There remains a lack of fundamental drivers to move the pair, meaning that traders are somewhat ‘feeding on scraps’ when it comes to causes for volatility.
“Today’s docket is quiet, meaning that another rangebound day may be ahead.”
Michael Brown, currency expert at international payments and foreign exchange firm Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures.
“Yesterday was a rather subdued day for the cross, which once again remains just south of the €1.16 handle this morning, towards the upper end of the recent range,” said Brown.
“There remains a lack of fundamental drivers to move the pair, meaning that traders are somewhat ‘feeding on scraps’ when it comes to causes for volatility.
“Today’s docket is quiet, meaning that another rangebound day may be ahead.”
So what does this mean for your holidays and travel money?
Post Office Travel is currently offering a rate of €1.1148 over £400, €1.131 for over £500, or €1.1368 for over £1,000.
The state of international holidays this summer is still unclear.
Travel abroad is currently illegal with sizeable fines coming into force from Monday for those who jet off without “reasonable excuse.”
“However, I would advise against this. Market movements are often more marginal in reality than they appear.
“Especially during this volatile time, it’s safer to keep hold of your money in your UK bank account than purchasing or exchanging for holiday money.
“Once we are allowed to travel again, this will signify the end of the COVID bump and I anticipate this will mean the Pound has improved even more significantly.”
It is, however, worth keeping a close eye on exchange rates to make sure that you’re getting the most favourable rate once travel starts up again.
Ian Strafford-Taylor, CEO at travel money specialist FairFX has urged Britons to keep an eye on exchange rates and plan ahead if they’re looking to travel abroad this summer to get more for their money.
He said: “We’ve still got a long way to go until we come close to pre-Brexit highs when the pound was up at 1.30 against the euro.
“The proposed EU Digital Green Certificate gives some hope for holidaymakers in Europe, but it’s not yet clear exactly how Brits hoping for a summer getaway will benefit from this scheme or any other which could be introduced by the UK government.
“The government is due to give more clarity on the likelihood of overseas travel on April 12, so savvy holidaymakers will be keeping a close eye on the latest developments and locking in rates while the pound is strong.
“Although the outlook for this summer is still relatively unknown, particularly after today’s announcement of £5,000 fines for anyone breaking travel rules as of next week, holidaymakers will want to get more for their money when they can as travel operators are likely to hike prices after a rollercoaster 12 months.
“Following the pound, keeping an eye on exchange rates and planning ahead are some of the best and most simple ways to do this if you do decide to travel abroad this year.”
Source: Read Full Article