The pound has reached its highest rate against the euro so far this year – returning to pre-pandemic levels for the first time.
The GBP/EUR exchange rate was 1.191 on Thursday (November 18), up by 7% since the start of this year, and 6% since this time last year.
The last time the rate this high was on February 26, 2020, before the pandemic began.
Ian Strafford-Taylor, chief executive at travel money specialist FairFX, said the increase over the course of this year means that those exchanging cash now for overseas trips will be getting £67 more for every £1,000 exchanged, than at the beginning of the year.
He advised travellers to considering whether to lock in their currency rates and buy in advance.
“Leaving it to the last minute can cost travellers, leaving them vulnerable to poor airport exchange rates,” he advised.
FairFX has also seen cash sales of American dollars increase 157% this month compared to October, as the US borders have opened to British travellers.
Its data shows 39% of expenditure is in Las Vegas, and almost a third (30%) of all US holiday transactions are being made in New York.
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