Should I get my holiday money before the EU vote?

holiday money before the EU vote?
23 June 2016

The EU Referendum is coming to an end, which is merciful because without doubt, it has seen the most irritating campaigning from all sides, making normally moderate, sensible people into foaming-at-the-mouth idiots.

We'll won't be having any of that here, thank you.

Either way, this whole business has got the financial markets all twitchy, which has seen people planning to go on their holidays getting a load of travel money in early, just in case.

Post Office Travel Money, who just so happen to deal with one in four foreign exchange transactions in the UK, said currency sales have spiked by 74% year-on-year since last weekend.

With the value of the pound see-sawing, people have worried that exiting the EU could see falls in the value of sterling, so people have been hedging their bets and exchanging their money this week, before the vote goes through.

Post Office Travel Money said in a statement: “Currency sales remain buoyant and are up 36% year-on-year for June to date in Post Office branches, online and through purchases on its pre-paid travel money card. This rises to a dramatic growth of 154% for currency purchases made online – the majority of this for euros and US dollars."

Should you be changing your money now?

Well, if you are itching to do it, some of the larger bureau will let you get your currency now at today's rate, for collection in the next 7-to-60 days. If they cancel your order, you get a full refund anyway.

Basically, if you're able to buy now, it means you get locked in on today's rate, which gives you some protection if the pound drops in value.

If that should rise, then you can cancel your order, get a refund, and change your money on another date when things are more favourable.

You'll need to go to your local bureau and ask them about it, as they have different ways of doing things.

TOPICS:   Banking   Travel

1 comment

  • FakeUsername

    Can you suggest some currency bureaus that let you collect within 7-60 days please? 

    Seems Thomas Cook don't let you do this:

    "Once you've ordered, you must collect the cash the same day. If not, you'll get the walk-in rate on the day you go."

    I'm not even going on holiday, just considering it as a way of shorting the currency market with my savings

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