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What does Brexit mean for buying currency?

During 2019 (and the years preceding!), if the press wasn’t talking Harry and Meghan, then it was only because it was talking about Brexit.

We also had the collapse of Thomas Cook and the complexity of a general election, these factors combined to create a tumultuous market for UK Travel the value of sterling remained about 20% lower than it was before the Brexit vote in 2016.

However, 2020 offers new optimism. With the UK now looking certain to leave the European Union at the end of January, there is the expectation that consumer confidence will return as travellers look forward to less drama and a ‘transition period’ avoiding any disruption at passport control.

It is therefore expected that the value of the Pound also starts to share some of this new stability. With its value showing a steady increase against the Euro since August’19, it’s considered possible that its value moves towards 1.20 over the next few weeks.

So, a question for those planning Travel is ‘should you buy currency now or wait?’ A key element that can reduce the risk is to focus on getting the best rates.

There is no way to predict currency movements (unless you own a crystal ball!) but these key Do’s and Don’ts can ensure you receive the best value available:

 Do's:

  1. If you are concerned about currency volatility, why not choose to buy half now and half closer to when you plan to travel? This way you are less affected by any currency swings.
  2. Use one of our fourex machines when travelling to and from the airport. Our convenient locations with commission-free competitive rates, meaning you don’t have to rush and won't see you spending the earth on buying and selling your currency, plus they're self-service and easy to use.
  3. Order your currency online for hassle-free travel money, fourex offers fantastic value with very low rates, commission-free and also with free next day delivery when you place an order for over £750 before 12pm. Order online: www.fourex.co.uk

Don'ts:

  1. Don't change your cash at a large travel bureau at the airport, it may be the easiest option, but as you're a captive customer the rates generally aren't great and you can end up throwing value away (unless you order ahead).
  2. Don't leave it to chance and wait until your abroad, generally you don't get a better rate changing your cash abroad. There may be some local bureaux overseas that give good rates but they’re less predictable based on location and what they have in stock.
  3. Be careful using your debit card abroad, most charge a heavy fee to withdraw cash in a foreign currency which you can’t see until you check your statement a few days later