The strength of the pound has led to a huge surge in the number of Brits purchasing their Euro’s ahead of their summer holidays, according to foreign currency brokers.
Holiday company, Thomas Cook, has also reported a increase in the number of customers purchasing holiday trips and the amount of money they are spending.
Forward buying for holidays
The number of Euro transactions Thomas Cook had witnessed had increased by 65% and in the last two weeks alone, the firm has sold a huge £22.8 million worth of Euros to holidaymakers.
Head of Foreign Exchange at Thomas Cook, Fraser Millar commented that “some customers are forward buying for holidays they have already booked”, while a number of other customers are purchasing their Euros now before they have even booked their holiday.
The Post Office has also publicised that online sales of Euros has increased by more than half when compared to the same time last year, in fact, when the Euro rose to 1.34, the sales increased by 363%.
Retirement holiday specialists, Saga Travel, noted that between the months of February and April, the sales of Euros were double the number of the same time during 2014.
Getting the best return possible
However, it isn’t just the Euro that is reaping in the success, but the pound also; especially against popular currencies such as the Turkish lira and the Thai baht.
Post Office Money’s Andrew Brown said that holidaymakers are now choosing their travel destination based on the exchange rate and where they can get the best return possible.
Brown adds that the largest gains have been “against the Scandinavian and Eastern European currencies”.
Holidaymakers seem aware of these currency changes and as a result are choosing holiday destinations in Mexico and Mauritius, where they can get more for their money, he said.
If you’re thinking of travelling abroad this year and taking advantage of the great exchange rate, remember to book your European travel insurance in advance.
Date Created: 05/05/2015