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How holiday money firms are cashing in on Brexit: Avoid getting ripped off as travel agents fail to give true rate

Mail Online

  • Online brokers are squeezing customers preparing to jet off this summer
  • Gap between the official rate and internet deals has doubled at some firms
  • On Tuesday Travelex at Heathrow was offering just €1.0078 for every £1

Greedy airport and online currency firms are ripping off holidaymakers, a Money Mail investigation has discovered. In the wake of the Brexit vote, major providers have slashed their exchange rates to as little as €1 to £1 in airports — even though the true rate is around €1.20 to £1.

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Ian Strafford-Tayor, chief executive of currency firm FairFX, says: ‘Some currency providers appear to be taking advantage of the current volatility by offering extremely poor exchange rates relative both to the market and to where they normally operate.

‘It’s particularly crucial at the moment that customers are on alert and watch currency movements carefully. ‘Ideally they should buy before they get to the airport, where the rates are worst.’

Read the full article here.

Wednesday 29 June 2016, 08:44am

Beat the Brexit effect when buying your holiday money

Guardian

A vote to leave the EU could see sterling plunge on the money markets later this week. For holidaymakers heading to the Med, it is likely that when they swap their pounds for euros they will not receive anywhere near as much as they enjoyed last summer. So what, if anything, can you do to protect yourself?

This week the exchange rate was down to around €1.26 compared with €1.42 in August last year. So you are getting around €160 less for every £1,000 of spending money than you were back then.

But the prediction among some economists is that the pound could fall another 10% against the euro and 15% against the dollar if the vote on Thursday takes Britain out of the EU. That suggests an exchange rate of just €1.14 to the pound, which would make holidays in Spain 20% more expensive than last year.

But it is worth bearing in mind that currency fluctuations aren’t just a referendum-linked phenomenon. The value of the pound against the euro is continually shifting. Two years ago, in June 2014, for example, holidaymakers were only getting €1.23 to the pound and just €1.18 in March 2013. Back in June 2005, however, you were getting around €1.5 to the pound.

“In real terms, if you are exchanging £1,000 of travel money you will get £40 (about €51) more today than you would have two years ago, and £84 (about €106) more than three years ago,” says Ian Strafford-Taylor, chief executive of travel money specialist FairFX.

Read the full article here.

Tuesday 21 June 2016, 06:10pm

How you could save thousands on your holiday this summer: Experts say families can cut costs by booking trips, cars and hotels through local websites

Mail Online

The falling pound is putting up the price of a holiday abroad this summer. But experts say families could still potentially save thousands – if they’re canny. The pound has been marked down against the euro and dollar in recent months, pushing up the cost of everything from a hotel room to an ice cream and a bottle of wine. However, careful research on booking hotels, car hire and other holiday costs can deliver massive savings.

The key to cutting costs is to use local websites in the country being visited and go direct to those businesses. One study looking at a family going to Barcelona for a week in August found potential savings of £2,045.

Research by foreign currency experts FairFX found a saving of £145 by going direct to the hotel in Spain rather than using a British travel website.

Read the full article here.

Tuesday 21 June 2016, 06:07pm