Thousands of British holidaymakers are cashing in on the huge swings in the value of the Euro to reduce the cost of their holiday spending by up to 11%.
Operators of Prepaid travel money cards are reporting a surge in sales of travel money cards in 2015 with holidaymakers loading up with Euros when exchange rates are most favourable, often many months ahead of travelling.
Research also shows that more of us intend to head abroad this year to take advantage of cheap Euros. A survey by UKash, a leading currency exchange service, has found that 15% of UK families plan to book getaways to cash in on good exchange rates.
Over the last 6 months rates have swung from a low of 1.247 Euros to the pound to a high of 1.416. This means that a family buying €1,000 to cover holiday expenses would save over £95 by picking the best week to buy, 11% of the cost of their currency.
During the first few months of 2015, when rates have been particularly favourable, operators such as the International Currency Exchange have reported a 91% year-on-year increase in cards issued versus the same time last year, with customers loading Euros on to prepaid travel cards.
Alastair Graham, PIF spokesperson, comments: “With such large savings available it is understandable that travellers are using prepaid cards as a secure way to lock in good currency rates, bagging themselves a bargain and much cheaper holiday as a result.
“The best deals available come with no fees attached and offer the same competitive rates as you would find at the best high street outlets, so all the benefits of the strong pound are being passed on to customers.
“These cards are also becoming popular as they offer greater security than carrying cash and also, by fixing rates at a time that suits them, allow travellers to more easily budget for their holiday expenses.”