There was hope the pound sterling to euro exchange rate would increase this summer to give holidaymakers a better deal, however it’s taken a turn in the other direction.
The current exchange rate is €1.117, the lowest is has been in almost a year.

A decline in UK consumer spending over the past few months is believed to be responsible for the drop. Fears of the pound staying at this rate for the remainder of the summer are spreading as investors worry about the challenges to Theresa May’s Brexit plan.

If you are travelling this summer we have some great tips to help you get the most for your money:

  • Be flexible with your destination and look for places where the pound is strong. Asia, in particular, is known for good exchange rates and on average £1GBP equates to 43THB.
  • Try to avoid exchanging currency at the airport as the rates will not be as good. Instead, plan your spending money in advance and shop around in the weeks leading up to your trip to get the best rate possible.
  • If you plan on using your debit card abroad, always speak to your bank first. Some will charge considerable fees for drawing out money in another country and others, if not informed first, may block your card to prevent fraud. Pre-paid cards such as Revolut and Monzo are great for controlling spending abroad and also help you get the best exchange rate so this may be something to consider.
  • When carrying cash abroad, make sure you know the cover limit under your travel insurance policy. Most travel insurers will only cover up to £200.00 if your cash it lost or stolen however, there are some that offer up to £800.00 but these policies are few and far between. There have been reports of holidaymakers hiding their cash in quirky places, such as taped to the inside of the hotel bedside unit and in a water tight bag inside a bottle of vodka*, however the best place to keep your cash is in a hotel safe or on your person. If your cash is lost or stolen and has not been kept in a hotel safe or has been left unattended it is likely your claim will be denied.

*Research conducted in 2018 by