Here’s when you should buy your euros if you are going on holiday this year

Here’s when you should buy your euros if you are going on holiday this year
Euro sales are currently up three per cent year-on-year in 2019 (Photo: Shutterstock)

Holidaymakers have been stocking up on euros for heading abroad as the Brexit date draws near, new figures reveal.

The UK’s departure from the EU has prompted a “strong demand” for euros in recent months, indicating that there is still a significant appetite for British holidaymakers to travel to Europe in the coming months.

When to buy

Euro sales are currently up three per cent year-on-year in 2019, according to figures from Post Office Travel Money.

Sales also surged by five per cent year-on-year in November and December 2018, compared with the same months the year before.

With the demand for planning holidays to Europe still strong, holidaymakers may benefit for changing their money now due to the potential future currency swings which may come as a result of the UK leaving the EU next month.

Strengthening of sterling

Sterling still remains resilient against the euro, currently up two per cent on its position a year ago. The pound is particularly strong against the Turkish lira, with holidaymakers now seeing their money get the equivalent of £98 further on a £500 currency transaction.

Holidaymakers may benefit for changing their money now due to the potential future currency swings following the UK's departure from the EU next month (Photo: Shutterstock)
Holidaymakers may benefit for changing their money now due to the potential future currency swings following the UK’s departure from the EU next month (Photo: Shutterstock)

Travellers to Iceland will get the equivalent of nearly £50 more on a £500 currency purchase than they would have 12 months ago.

Sterling has also strengthened in the past year against against the South African rand, Swedish krona, Russian ruble and the Brazilian real.

Locations where the pound is struggling

Andrew Brown, Post Office Travel Money expert, said, “There is little doubt that the strength of sterling will exert some influence on holiday choice in the coming months and that is why it is important for people to do their homework before booking.

“Our research has shown that over two-thirds of holidaymakers bust their budget by nearly £100 on their last trip abroad.

“Choosing a destination where sterling is performing best and where the cost of meals, drinks and other tourist staples is low could help to prevent that.”

However, those travelling to some long haul destinations may not get as good value for their money, with sterling having weakened against the US dollar, the Thai baht and the Hong Kong dollar.