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Holidays: Expert shares why now is the best time to buy travel money for future holidays

The pound to euro exchange rate is not something the average person tracks closely but monitoring its movements can prove key to getting the most bang for your buck when buying travel money. Timing is key – which is why right now could well be your best chance to bag a good rate, experts have said. There has been very positive news regarding the coronavirus vaccine this week, lifting hopes that the travel sector will re-open soon.

Travellers have been urged to buy travel money imminently before the market becomes saturated once again and exchange rates weaken.

“For those consumers looking to book any holidays in 2021 and 2022, it would be wise to start buying up their foreign currency now before the value of foreign currency increases massively again,” Shon Alam, founder of currency exchange platform Bidwedge, said.

“Next year, there will be a mad dash for Euros and Dollars, so British holidaymakers would be best placed to get ahead of the game.” spoke exclusively to Alam for his travel advice on how best to buy money at this time – and make sure you’re not getting ripped off.

“Don’t wait till the last minute; don’t buy from the airport – but most importantly, never use a credit card to buy money,” Alam explained.

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“If you buy travel money on a credit card, the card company sees this as taking money off the card in cash, therefore it attracts a higher interest rate and an extra charge as with all card companies.

“It is also worth noting that with exchange services, credit card purchasing can – and does – charge a higher overall cost.”

It’s important holidaymakers protect themselves appropriately, too.

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