Sterling-to-euro exchanges surge for three months in row
Britons are stockpiling euros ahead of the UK’s departure from the European Union, figures from Post Office Travel Money suggest.
Data suggests tourists are changing sterling now to protect themselves against potential currency swings in the future.
Sales of euros have been up on the previous year for each of November, December and January.
The figures show that, while Brits may still be confident about visiting Europe once the UK leaves the EU, there are fears the pound could slump in the there is no deal and people are protecting themselves in case that happens, Post Office Travel Money says.
In November and December, Post Office Travel Money sold 5% more euros than in the same month in 2017, while in January it sold 3% more year-on-year.
Sterling has strengthened against 18 of the Post Office’s 40 bestselling currencies over the past 12 month, meaning British tourists are seeing their money go further.
For example, tourists get an extra £98-worth of Turkish lira for each £500 converted than they would have done a year ago, while visitors to Iceland will get £50 more in Icelandic krona for each £500 exchanged.
However, sterling has weakened against some long-haul destinations, including the US dollar, the Hong Kong dollar and the Thai baht.
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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