FairFX Press Releases > Exchange rates Related Posts
The pound has fallen significantly against the Euro and Dollar in the past 24 hours alone – falling from $1.6598 to £1 to $1.6479 to £1, and from €1.1366 to £1 to €1.1203 to £1.
Stephen Heath, Chief Executive of FairFX.com, said: “The value of Sterling fell dramatically yesterday morning after Mervyn King said the MPC will lower the deposit rates to free up lending between banks. We have now seen the pound take such a pummelling that you will get just $1.6479 or €1.1203 to £1.
“Anyone looking to buy their currency now should make sure they lock in the best rate for their holiday money or they could lose out on up to $95 or €70 for every £1,000 they spend.*”
FairFX offers customers market-leading exchange rates via either a pre-paid currency card or cash via their internet site: www.fairfx.com[http://www.fairfx.com].
Wednesday 16 September 2009, 10:55am
SO GET YOUR DOLLAR DEAL NOW BEFORE ITS GOING, GOING, GONE...
As the pound surges to a ten month high, anyone travelling to the States in the coming months could benefit from getting some of their travel money now, to lock in on the current rate of $1.67 for every £1 from FairFX.com.
Stephen Heath, Chief Executive of FairFX.com, said: “This surge in the value of the pound is good news not only for the UK economy, but also for British travellers planning to head across the pond. While still a long way below the $2 to £1 levels seen in July last year, the pound has rebounded 25% from the 23-year low of $1.35 it plummeted to in January this year.”
Don’t be fooled
Checking the exchange rate is very important as many travellers are misled by headline advertising for travel money such as “0% commission” or “no commission”, which often masks the true cost.
The true cost to consumers is not only the advertised commission rate, but also how many Dollars, Euros or other currencies they receive for each pound exchanged, namely the exchange rate. This can vary so much that some travellers, particularly if they use regional airports, could actually be paying up to 15% more than others.
Stephen Heath added: “No one likes to be fooled into buying something only to find out too late that they paid over the odds or that they have been stung by extra transaction costs when they return from their holiday. A good currency card gives travellers the choice about when they fund their trip, getting Dollars now could help someone to budget for a future holiday, or simply mean they’ve locked in the best rate available so far this year.”
FairFX offers customers market-leading exchange rates via either a pre-paid currency card or cash via their internet site: www.fairfx.com.
Tuesday 04 August 2009, 05:29pm
> Holiday makers could each lose out on over £120 this summer
> Regional airports rip off customers to the tune of 15%
Sun seekers heading abroad this summer could waste over £120* for every £1,000 of their holiday budget if they don’t buy their foreign currency from the cheapest provider.
As Britons look to stretch their holiday spending money that little bit further this year, FairFX.com are showing how using a prepaid currency card could give them an extra $209 or €143 for every £1,000 they spend.
Don’t be fooled
Unsurprisingly consumers are being misled by headline advertising for travel money such as “0% commission” or “no commission”, which often masks the true cost. Research shows that 44% of Britons think “0% commission” means the service is free, and almost six in 10 went on to base their travel money purchases on this misleading advertising.
The true cost to consumers is not only the advertised commission rate, but also how many Euros, Dollars or other currencies they receive for each pound exchanged, namely the exchange rate. In fact the true cost to consumers can range from 3% to 5% at High Street providers, 8% to 12% at London airports, and up to as much as 15% at some regional airports.
Stephen Heath, Chief Executive of FairFX.com, said: “No one likes to be fooled into buying something only to find out too late that they paid over the odds. ‘0%’ may well have become the standard advertising tag for currency providers, but savvy holidaymakers still have time to make the most of their holiday budget this summer.
“A prepaid card will give travellers not only the best rate available, but also added piece of mind. However, for those who want to take cash, make sure you shop around, by pre-ordering it online they could have an extra $209 or €143 with them when they jet off.”
Monday 29 June 2009, 05:30pm
-69% of people say “every penny counts” when it comes to buying foreign currency
-Yet only 2% use the cheapest payment method for foreign currency – pre-paid currency cards
Despite the credit crunch putting a squeeze on everyone’s wallets new research from FairFX.com reveals British holiday makers still aren’t spending prudently abroad. 69% of people might say every penny counts when buying their foreign currency, but 98% still don’t use pre-paid currency cards – the cheapest way to spend abroad.
Two thirds (66%) prefer to spend foreign cash taken abroad with them, and a further 29% choose to withdraw foreign currency from a hole in the wall once they get overseas. Despite the extortionate fees involved, 21% of holidaymakers still choose to spend on their credit cards.
Stephen Heath, Chief Executive of FairFX.com, said: “Will 2009 be the year that travellers wake up to the savings they can make by using a pre-paid card for all their holiday spending? Two thirds of people might say every penny counts, but then don’t actually ensure they have the right tools to make it happen.
“A family of four could have an extra $300 or €200 to spend on their holiday this summer if they used a pre-paid card, more than enough to pay for a days entry for the whole family to Disneyland in Paris or Orlando.* What’s more, the FairFX.com card is the only card with no global surcharge.”
For example, a family of four planning to exchange £1,500 for their holiday, would get $2,347.50 or €1,691.25 using a FairFX.com card compared to only $2,170.35 or €1,575.15 if they exchanged at Heathrow airport.**
Before buying their holiday money just 9% of people check a comparison site, and 16% of people don’t bother to do anything and simply use the card they already have in their wallet – a costly mistake which will only come to light when they check the statement the following month.
58% say they look for a supplier that charges 0% commission when they get their holiday money, but simply opting for deals based on “0% commission” or “commission-free” doesn’t ensure the best rate of exchange, in fact in some instances they could lose up to 19% of their holiday cash value.
Sadly, a misplaced belief that there is little difference between the best and the worst rates (one in ten consumers), or the view that foreign travel is costly already so there is no point in penny pinching (one in twenty consumers), mean many people are simply not willing to shop around for their foreign currency despite the extra money they could have with minimal effort.
Stephen Heath, Chief Executive of FairFX.com, continued: “There seems to be quite a large divide between consumers’ desires to make the most of their cash, and the reality of their foreign spending habits.
“Many of us might intend to look for the best deals, but when it comes to the crunch people aren’t making the effort to get the best bang for their buck. But they might think twice if they knew they could save up to 18% if they use the FairFX.com card instead of changing their money at the airport – savings not to be sniffed at.“
Tuesday 26 May 2009, 02:05pm
Travellers flying from Heathrow could find buying their holiday money comes at a hefty price tag. New analysis from FairFX.com reveals anyone buying foreign currency from Heathrow Airport will get less than parity at just €0.9831 to £1.
Stephen Heath, Chief Executive of FairFX.com, said: “Following last week’s base rate cut and the introduction of quantitative easing, the Pound is being traded at just €1.0831 to £1. However, Brits buying their holiday spending money from Heathrow Airport will get even less bang for their buck, just €0.9831 to £1.
“Airport travel money bureaus have long taken advantage of travellers who leave buying their holiday cash until they reach the airport by offering far worse rates than outside the terminal. And now Heathrow Airport has become the biggest airport out of many to offer below parity.”
Currently, you can still get €1.0725 to £1 with the FairFX.com currency card, 7% above the average airport rate, and 9% better than Heathrow Airport.
Friday 13 March 2009, 03:15pm
Commenting on the Pound’s fall against the Dollar, Stephen Heath, Chief Executive of FairFX.com, said: “Sterling has continued to collapse against the Dollar falling to just $1.35 to £1 earlier today, its lowest rate since 1985. When measured against a basket of currencies Sterling has collapsed by approximately a quarter, more than any previous devaluation in the past century.
“The escalation in the banking crisis and news that we have officially entered recession has led to investors dumping Sterling in favor of more secure assets and the Pound falling to its lowest rate against the Dollar in almost a quarter of a century.“
Friday 23 January 2009, 03:44pm
Commenting on the Pound’s fall against the Dollar, Stephen Heath, Chief Executive of FairFX.com, said: “Despite getting off to a good start in 2009 the Pound looks to be in a sorry state again already, falling to just 1.3950 against the US Dollar – a seven year low – and 1.08 against the Euro. Sterling is also trading at an all time low against the Japanese Yen.
“After a horrific day for the UK banking industry yesterday, traders have failed to keep Sterling supported against the US Dollar. Investors around the world are beginning to cut exposure to the weakening UK economy and its distressed banking sector.
“We are close to the 2001 low of $1.3685 to £1, making the heady days of $2 to the Pound seems like a distant memory. The financial markets are expected to remain volatile at least for the first half of the year, and travellers should plan foreign currency purchases carefully to ensure they stretch their Pounds as far as possible. Brits would need a crystal ball to accurately predict the currency swings and roundabouts we are seeing at the moment, so until things settle down Brits should try to buy their currency in small increments on a periodic basis to try to protect their wallets from rate fluctuations.”
Tuesday 20 January 2009, 04:49pm
Commenting on the Pound’s further gains against the Euro, Stephen Heath, Chief Executive of FairFX.com, said: “The Pound has rallied amidst news of the base rate cut, gaining one per cent against both the Euro and the Dollar. The Pound is now trading at €1.1211 and $1.5232 to £1 – and it is expected to claw back further gains in the coming months as Europe and America start to look as vulnerable as rival economies.”
Thursday 08 January 2009, 01:34pm
Commenting on the Pound’s gains against the Euro, Stephen Heath, Chief Executive of FairFX.com, said: “The end of 2008 saw the Pound beaten down to a measly €1.0195 to £1 on 30th December. However, 2009 is looking brighter for the beleaguered currency and we have already seen gains of more than 7.5 per cent since the lows of December.
“In the past few days, investors have been selling Euro-based assets and have taken an interest in Sterling instead. By the end of yesterday, the Pound had clawed back another three cent on the Euro to reach €1.11 to £1.
“Analysts expect the Euro to remain weak in the short-term as the European economy looks as vulnerable as its rivals. And despite predictions of further interest rate easing by the European Central Bank, traders do not expect recent Euro gains to be sustained.
“Sterling has also rallied against the US Dollar and is now trading at $1.52 to £1 due to US confidence being hit by weak economic data and the Federal Reserve having hinted at concerns of deflation.”
Thursday 08 January 2009, 09:20am
Commenting on the Pound falling to just €1.1096 to £1, Stephen Heath, Chief executive of FairFX.com, said: “For the first time since the launch of the Euro, Sterling has fallen below €1.11 to £1, and at €1.1096 to £1 it is at its weakest position. I fear we won’t have long to wait until we see the Pound fall to just €1 to £1, and perhaps slip even lower.
“Anyone who is planning to buy Euros in the near future should consider buying at least half their foreign money now before rates get even worse, and buy the rest later just in case Sterling regains some strength.”
Monday 15 December 2008, 03:19pm
Latest 'Exchange rates' Posts
16 September 2009, 10:55am
04 August 2009, 05:29pm
29 June 2009, 05:30pm
26 May 2009, 02:05pm
13 March 2009, 03:15pm
23 January 2009, 03:44pm
20 January 2009, 04:49pm
08 January 2009, 01:34pm
08 January 2009, 09:20am
15 December 2008, 03:19pm
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