Currency sales soar as holidaymakers buy travel cash early – how YOU can guarantee the best rate
Holidaymakers have been taking advantage of a bounce in the pound's value
HOLIDAY money sales have jumped this week after a snap general election was called, according to Post Office Travel Money.
Online currency sales were up by 147 per cent on Tuesday and Wednesday this week, compared with the same period a year ago, the Post Office said.
Post Office Travel Money, which accounts for one in four UK foreign exchange transactions, said the increase suggests holidaymakers travelling abroad later this year are buying their cash early to make the most of improving exchange rates.
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The pound surged on Tuesday after Prime Minister Theresa May announced plans for a general election on June 8.
The Post Office said online currency sales are up by around 47 per cent in April so far compared with the same period a year ago, with the increase coinciding with a time when sterling has recovered from its low point in October last year.
SHOULD YOU BUY NOW OR WAIT UNTIL THE GENERAL ELECTION
THE Sun Online spoke to some currency experts to ask their views on what holidaymakers should do.
Managing editor of money.co.uk Martin Lane thinks holidaymakers who are worried about fluctuating pound should buy half their holiday money now and half closer to the time.
He said: “Trying to predict what will happen to the exchange rate is a mug’s game.
“You never know which way currency will go so if you have a holiday booked perhaps buying half now and half closer the time means you won’t feel so bitter if it doesn’t go in your favour.
Read our full analysis of holiday money and when you should buy.
Andrew Brown, head of Post Office Travel Money, said: "We have seen healthy levels of growth in sales for two-thirds of our 20 bestsellers including the euro and dollar."
Mr Brown said: "Our advice has always been to watch currency movements very carefully to judge the best time to purchase travel cash and there are signs that savvy travellers are increasingly planning ahead to do just that.
"The sharp rises we have seen in purchases of euros and other popular currencies suggest many holidaymakers are being proactive and buying their holiday cash early to take advantage of the improving exchange rates."
HOW TO GET THE BEST HOLIDAY MONEY RATE
WHEN buying currency, the best rates won’t necessarily come from your bank or even the Post Office or Marks & Spencer.
Use comparison tools like MoneySavingExpert’s TravelMoneyMax to compare pick-up and pre-order rates.
It’s also worth checking out local independent bureaus on the high street near you.
Some bureaus offer preferential rates if you pre-order or print out a voucher to secure the online rate, rather than walking through the door.
If you need to get money at the last minute, order online or by phone and pick it up at the airport.
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